Akuo Energy, the leading French independent renewable energy power producer, has announced that its has completed the entire financing of its Florida II 50 MW wind farm project in Uruguay in record time, with KfW IPEX-Bank and EKF for the senior debt and Eurus as its partner in the equity for the project.
Florida II will be the third asset to be built and operated by Akuo Energy in Uruguay and its second partnering with Eurus on the equity and KfW IPEX-Bank and EKF on the debt.Harnessing Uruguayan Resources 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 expectedcapacity factor of over 42%, the clean,sustainable, domestically produced power from Florida II will help power the equivalent of30,000 Uruguayan households.
Florida II is the third asset for which Akuo Energy has completed the development in Uruguay, out of a current portfolio of projects under development of around 250 MW. This project is the natural outgrowth of the experience and relationships forged in the bringing on line of Akuo Energy’s 92 MW of wind farm capacity which is now in full operations. The electricity generated by Florida IIwill be directly purchased by UTE, Uruguay’s state-owned grid operator, within the framework of a20-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.
“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 isproud 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.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.