Invenergy said it has acquired the 70MW Campo Palomas wind farm in Uruguay from Teyma Uruguay, a unit of Spain´s Abengoa.
According to local media reports, the US energy company will finance part of the acquisition with a $67m loan from the Inter-American Development Bank (IDB). The reports also said Norwegian lender DNB has provided a $68m loan to refinance the $65m bridge loan that it provided to Abengoa last year.
Teyma will carry out the engineering, procurement and construction work, while Invenergy will take on the 20-year operating and leasing agreement, a source familiar with the deal said.
Invenergy will recieve monthly payments from Uruguay’s state-owned power utility UTE over the 20-year agreement.
Netherlands-based Voltiq, which specializes in structuring renewable energy deals, was the financial advisor to Invenergy. White & Case was the international legal advisor, while Hughes & Hughes was the local legal advisor.
Financial services firm Invertax managed the taxation process, the source said. Clifford Chance was the international legal counsel to the lenders, and Ferrere was the local counsel.
Campo Palomas, wich is expectated to begin operations in February next year, will generate power from 35 turbines from Danish wind power manufacturer Vestas.
Source: LatinFinance.com