OPIC Board Approves Financing for Wind Farm in Uruguay
June 14, 2013
(OPIC)
Washington, DC - The Board of Directors of the
Overseas Private Investment Corporation (OPIC)
recently approved financing for a renewable
energy project that will provide electricity to
Uruguay.
An OPIC loan of up to $96 million will support
the Melowind project, a 50 MW wind farm in
northeastern Uruguay. The project helps to
address the country’s periodic energy supply
deficits as the Uruguayan electricity
generation supply system is heavily dependent
on hydroelectric plants, which in dry years can
require greater reliance on expensive
fossil-fuel based generation and importing of
power from its neighbors. Nordex USA, Inc.,
based in Jonesboro, Arkansas, will supply wind
turbines to the project; the project will be
constructed by Juwi AG, a German developer of
renewable energy projects.
“This project will help address the periodic
energy supply deficits in Uruguay" said OPIC
President and CEO Elizabeth Littlefield. "OPIC
is committed to supporting the efforts of
Uruguay as it works to better support the
energy needs of its people and businesses.”
This project contributes to OPIC’s growing
support for renewable resources projects in
Latin America, where the OPIC Board approved
$193 million in financing for Peru’s first
large-scale wind project power grid in March,
added to two solar projects approved in 2011
and 2012.
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