The financing is IDB’s first financing of a solar PV project in Uruguay and its largest to date for a solar PV project.
Fotowatio Renewable Ventures (FRV) announced today the closing of an $81.9 million loan with Inter-American Development Bank (IDB) to build a solar PV farm, La Jacinta, in Uruguay. It is IDB’s first financing of a solar PV project in Uruguay and will be one of the largest solar PV projects in Latin America.
The deal allows FRV, a leading global solar development company with approximately 3GW of active project development backed by global private equity firm Denham Capital, to improve its project financing conditions and extends the maturity of its debt until November 2034.
The loan refinances a previous $70-million construction loan signed last July with the DNB Group and Intesa SanPaolo, for the construction of La Jacinta, a 65-megawatt photovoltaic plant in Salto Department in northwestern region of Uruguay.