OREANDA-NEWS. July 23, 2015. KfW IPEX-Bank has joined the financing of Florida II wind farm in Uruguay. In addition to Denmark’s Export Credit Agency Eksport Kredit Fonden (EKF) KfW IPEX-Bank is injecting USD 78.5 million in the project in the form of long-term debt. As Akuo Energy, the leading French independent renewable energy power producer, announced yesterday, the entire financing of the project has been completed in record time. Involved are KfW IPEX-Bank and EKF (senior debt) and Eurus as its partner in the equity for the project. The Eurus Energy Holdings Group is the leading renewable energy company in Japan.

Building on the success of the financing of Minas finalised in August 2013, with Florida II Akuo Energy, Eurus, KfW IPEX-Bank and EKF are renewing their partnership in Uruguay. KfW IPEX-Bank is thus providing all of the project’s construction and long-term financing facilities. As was the case for Minas, this long-term loan is partly covered by a guarantee from Denmark’s Export Credit Agency EKF.

"Eurus is pleased to take an ownership stake in our second wind farm in Uruguay alongside Akuo Energy on the Florida II project and to partner with UTE and the Uruguayan government in meeting the country’s renewable energy goals" says Satoshi Takahata, President & CEO of Eurus Energy America. "We are honoured to invest side by side with Akuo Energy as well as, our lenders, KfW IPEX-Bank and EKF who are global leaders in wind project finance. Whether in places like Japan, California or here in Uruguay, Eurus is proud to grow its presence in markets where sustainability and renewable energy are in the forefront."

Eric Scotto, CEO and co-founder of Akuo Energy, says: "Uruguay is a country with exceptional renewable wind resources, and we would like to pay tribute to that country’s pragmatism and efficiency in implementing its policy of promoting the deployment of renewable energies. We are delighted to be able to build our third project there, which will take our installed capacity in that country to almost 150 MW and further establishes our company’s status as a leading wind power player in Uruguay. We are all the more proud of Florida II given that this project harnesses all the expertise we have acquired through the development and financing of Minas and Florida I. The very same financial partners who helped us finance Minas have decided to also accompany us on Florida II – and in record time! A great illustration of the trust such major players as Eurus Energy, KfW IPEX-Bank and EKF have in us, and for that we are extremely grateful and thank them."

Florida II is a 50 MW wind farm that will benefit, just like its two predecessors Florida I (50 MW) and Minas (42 MW), from exceptional wind conditions. With an expected capacity factor of over 42%, the clean, sustainable, domestically produced power from Florida II will help power the equivalent of 30,000 Uruguayan households. The electricity generated by Florida II will be directly purchased by UTE, Uruguay’s state-owned grid operator, within the framework of a 20-year dollar-denominated and inflation-indexed power purchase contract. Florida II will be equipped with 15 Vestas V117 turbines with a nominal capacity of 3.3 MW each.