A subsidiary of French company Akuo Energy has received funding of US$88.5mn for the construction of a wind farm in Uruguay.

The loan was arranged by Proparco, the French development bank, which has contributed the first tranche of US$38.5mn. FMO and DEG, the Dutch and German development agencies, contributed the remaining US$50mn between them.

The finance has a tenor of 15 years and will be used to fund a wind farm in the Florida region of Uruguay, 100km north of Montevideo.

Akuo plans to invest a total of US$205mn in Uruguay’s wind energy sector by 2015. Construction of two facilities is already underway.