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Press Release from 2016-08-25 / KfW IPEX-Bank

KfW IPEX-Bank and Landesbank Hessen-Thüringen finance Peralta wind farm in Uruguay

  • Consortium consisting of KfW IPEX-Bank and Helaba supports German wind turbine manufacturer ENERCON
  • Complex financing structure includes Hermes cover
  • New installation of 117.5 MW: wind project aims to diversify generation sources and improve Uruguay’s carbon footprint

KfW IPEX-Bank and Helaba support the expansion of renewable energies in Uruguay with a loan of USD 160.3 million. German wind turbine manufacturer ENERCON is building the state-of-the-art Peralta wind farm in the centre of the country with a total installed capacity of around 117.5 MW. The loan structured by KfW IPEX-Bank as a long-time business partner of ENERCON and jointly provided through the consortium with Helaba as one of ENERCON’s core banks will be paid out in three tranches and is covered in part by a federal export credit guarantee (Hermes cover).

“German and European wind technology is in demand internationally. This is a great opportunity ‒ both for manufacturers and the environment. As a bank, we do our part in helping ideas and projects take concrete shape”, commented Markus Scheer, member of the Management Board of KfW IPEX-Bank. The South American country has set ambitious goals for itself. It intends to generate as much as 38% of total domestic electricity production from wind energy by 2017; in mid-2015 this figure was only 13%.

The Peralta wind farm is located in the municipality of Cuchilla de Peralta in the department of Tacuarembó in central Uruguay. The new farm consists of 50 ENERCON E-92 wind turbines featuring a hub height of 108 metres, a rotor diameter of 92 metres and an output of 2350 kW per turbine. The farm's total capacity of 117.5 MW and projected 300 GWh/pa are enough to supply around 150,000 typical Uruguayan households with green energy.

The generated power is sold to the national energy supplier Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE), which concluded a power purchase agreement for a period of 20 years with the project company founded by ENERCON. The wind turbine manufacturer from Aurich, Lower Saxony, is involved in the Peralta project as investor, turbine supplier, construction and operation partner. It will also provide long-term servicing for the turbines for more than 15 years.

About KfW IPEX-Bank GmbH

Within 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.