March 1 (Bloomberg) -- Akuo Energy SAS said it’s spending $205 million to build two wind farms in Uruguay that will total 92 megawatts of capacity.
Construction has started and the power will be bought by Uruguayan state utility Usinas y Terminales Electricas under 20-year purchase agreements, Paris-based Akuo said today in an e-mailed statement. The company plans to complete both projects in the fourth quarter.
The French developer is using its Uruguayan projects to establish a footprint in Latin America. Akuo has 340 megawatts of power plants in operation, and a further 2,800 megawatts under development in 10 countries.
“Our goal since the beginning has been to focus on Uruguay as our entry market into Latin America,” Akuo Energy President Eric Scotto said in the statement. “Our strong foothold in Uruguay will allow for future expansion into the region.”
The bigger of the two projects is the Florida wind farm about 100 kilometers (65 miles) north of the Uruguayan capital, Montevideo. It’ll have 21 Nordex SE 2.4-megawatt turbines, according to Akuo. Akuo said it secured $88.5 million of project financing for the plan, from groups including the European Development Finance Institutions and Proparco.
The second project, called Generacion Eolica Minas, is east of Montevideo and will have 14 Vestas Wind Systems A/S 3-megawatt turbines, Akuo said. the company is in “advanced negotiations” to secure $76 million of financing for that project shortly, it said.
To contact the reporter on this story: Alex Morales in London at firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com