France’s Akuo and Toyota’s Eurus to Build Wind Park in Uruguay

  • 50 MW Florida II wind park is 2nd Uruguay Akuo-Eurus project
  • Akuo, Eurus tap KfW, IPEX, Denmark’s EKF as senior lenders

French renewable energy developer Akuo Energy SAS and Eurus Energy America Corp., a unit of Toyota Tsusho Corp., will jointly build a wind park to supply about 30,000 homes in Uruguay, the latest step in the Latin American country’s push toward cleaner power generation.

The Florida II park will comprise 15 Vestas A/S V117 turbines with a total capacity of 50 megawatt, with both developers sharing costs equally, Akuo said. The developers secured a 20-year U.S. dollar-denominated and index-linked contract with government-owned utility UTE to supply power, it said.

Florida II will augment earlier wind projects developed by Akuo in Uruguay. Florida I supplies 50MW of capacity and Minas 42 MW. Vestas supplied the turbines for all three projects, and senior lenders in each case were Germany’s KfW Group development bank, its IPEX export credit agency, and EKF, Denmark’s export credit agency, Akuo said.

Uruguay is pushing to boost clean power. By last year, 39 percent of power capacity was supplied by hydro sources, followed by 21 percent from wind and 11 percent from biomass and waste, according to BNEF. Uruguay targets a 38 percent share for wind power by next year, IPEX said.

From 2006 to 2016, KfW was the second-biggest project-finance lender to Uruguay after the Inter-American Development Bank. By the second quarter this year, Frankfurt-based KfW had lent $271 million to the nation’s clean power projects, BNEF data show.

Akuo, an independent company, invested $1.5 billion in 560 MW of renewable power and targets a portfolio of 3.5 gigawatt by 2022, according to today’s statement. Eurus, jointly owned by Toyota Tsusho and Tokyo Electric Power Company Holding, has invested in 2.3 GW of clean power to date.

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