SOWITEC developed Wind Farm Vientos de Pastorale in Uruguay reaches Financial Close at promising market conditions

07.03.2016

German project developer SOWITEC announces financial close of wind farm Vientos de Pastorale. Madrid based renewable power generation company Bow Power will invest in the project, Vestas has been selected to deliver turbines for the 52.8 MW wind farm located in the southwest of Uruguay.

The project will require a total investment of 137 million US$ with an equity contribution of 45 million US$ over the next one and a half years while 10% of the shares remain SOWITEC property. Construction completion and commissioning date of Vientos de Pastorale is expected in the first quarter of 2017. “As German wind park operator, we are pleased to secure our long term earning assumptions with this first project abroad in a stable market such as Uruguay. We are looking forward to the next 14 months of construction and the cooperation with valuable business partners.” says Rosa Tarragó, Head of Structured Finance at SOWITEC.

Vientos de Pastorale wind farm will have an estimated annual electricity production of over 220 GWh and will provide some 50,000 households with clean energy. The project supports Uruguay’s goals of a 100% renewable energy supply until 2020. In 2015, already 95% of the country’s electricity consumption have been provided by hydro, wind and solar power plants. Allover renewables now account for 55% of the country’s overall energy mix including transport fuel compared with a global average share of 12%.

Source: SOWITEC