Spanish wind power developer Gamesa and investment fund administrator Rafisa created a trust to facilitate construction and operation of the 70 MW Arias wind farm in Uruguay‘s Flores department, according to Business News Americas.
Gamesa will build the $170 million project, which is scheduled to begin operations in 2016, according to a release from state power utility UTE.
UTE will operate Arias and purchase the park’s output through a 20-year power purchase agreement.
International lenders will finance 70 percent of the works, while the rest will be covered with proceeds from a bond issuance on the local market.
Uruguay’s goal is to have 1.35 GW of wind capacity installed by 2016, UTE vice-president Cesar Briozzo said.