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Press Release from 2015-03-18 / KfW IPEX-Bank

KfW IPEX-Bank and BayernLB arrange wind farm financing in Uruguay

  • USD 224 million loan with Hermes cover
  • Support for exports: German manufacturer Nordex SE supplies 59 wind turbines
  • The Pampa wind farm is set to provide 180,000 households with "green" electricity from mid-2016

KfW IPEX-Bank and BayernLB have jointly arranged financing for the Pampa wind farm in Uruguay. The German manufacturer Nordex SE is responsible for turnkey installation and subsequent maintenance of these wind turbines - 59 in total - for at least ten years. The project was commissioned by the state-owned power utility Administración Nacional de Usinas y Transmisiones Eléctricas (UTE). As Uruguay's largest wind farm, Pampa is set to connect to the grid by mid-2016 and is expected to supply up to 640 GWh of green electricity every year – enough for 180,000 typical local households. The total investment costs of the project, which is being implemented in the Tacuarembó department in the centre of Uruguay, are roughly USD 320 million. The funds in the amount of USD 224 million come with an export credit guarantee by the Federal Republic of Germany.

"Financing for the Pampa project combines all of the goals that we at KfW IPEX-Bank stand for: It contributes to global climate protection, fosters internationalisation of the German economy and secures jobs, in this case around 2,500 at Nordex and its medium-sized suppliers", said Markus Scheer, member of the Management Board of KfW IPEX-Bank.

This is one of the country's most important energy projects under the scope of "Energía 2030", Uruguay's energy reform. At the same time, the project contributes to the development of the local capital market: UTE will offer 80% of the shares in the project company to local institutional and private investors via the Uruguayan capital market. This is a novelty on the Montevideo stock exchange which, until now, only lists seven companies.

About KfW IPEX-Bank GmbH

Within the KfW Group, KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium- and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW's promotional mission. It is represented in the most important economic and financial centres across the globe.

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