Spain's Solaria signs financing for 19 MW of solar projects in Uruguay

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Spain's Solaria signs financing for 19 MW of solar projects in Uruguay

The Inter-American Investment Corporation (IIC) signed two financing packages with Solaria Energía y Medio Ambiente S.A. for the construction, operation and maintenance of two 9.5MW solar photovoltaic energy plants in Uruguay. Financing included US$12.2 million and US$12.8 million for the Natelu and Yarnel wind farms, respectively.

The projects will jointly generate approximately 35.8 GWh of electricity annually from non-conventional renewable energy sources, displace about 19,500 tons of CO2 equivalent emissions per year and reduce the vulnerability of Uruguay’s electricity sector to hydrological conditions. 

The Natelu wind farm includes an IIC senior loan of US$6.1. million plus a US$6.1 million co-loan from the Canadian Climate Fund for the Private Sector in the Americas (C2F), a US$250 million fund that co-finances climate-friendly private sector projects in the region. The Yarnel farm will receive US$6.4 million from IIC’s capital and $6.4 million from the C2F.

The loan offers an 18-year tenor to make the project viable and competitive. 

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