Uruguay’s state-owned company Usinas y Trasmisiones Eléctricas (UTE) has announced financing of its Pampa wind farm, which will be the largest wind farm in the South American country.
German banks KfW and Bayern LB will be financing 70% of the US$275mn farm, while Euler-Hermes will be the insurer. Local lenders will be providing the rest of the financing for the 140MW project.
German turbine maker Nordex told GTR that although Pampa is not a firm order yet, it is expected that the farm will be built with Nordex turbines. The company also said the order will also include service and maintenance. Pampa is expected to start generating electricity next year and the UTE will buy power from Nordex under a 20-year deal, according to a release published by UTE.
Pampa will join existing wind farms Arias and Valentines, both generating 70MW of electricity. The deal, once confirmed, will be Nordex’s third in Uruguay, following previous deals with Akuo Energy and a smaller deal with UTE. The company confirms to GTR that it is in “good talks” about future contracts in Uruguay, but declined to give details.