OREANDA-NEWS. September 14, 2016. The Inter-American Investment Corporation (IIC) signed two financing packages with Solaria Energia y Medio Ambiente S.A. for the construction, operation and maintenance of two solar photovoltaic energy plants in Uruguay. The ceremony took place in Montevideo with IIC CEO James P. Scriven and Solaria Energia Dario Lopez. Financing included \\$12.2 million and \\$12.8 million for the Natelu and Yarnel wind farms, respectively.

The projects will jointly generate approximately 35.8 GWh of electricity annually from non-conventional renewable energy sources, displace about 19,500 tons of CO2 equivalent emissions per year and reduce the vulnerability of Uruguay’s electricity sector to hydrological conditions. By supporting two, small-power generation companies’ market entry, the IIC is supporting the diversification of the country’s energy matrix and increasing private sector participation.

The Natelu wind farm includes an IIC senior loan of \\$6.1. million plus a \\$6.1 million co-loan from the Canadian Climate Fund for the Private Sector in the Americas (C2F), a \\$250 million fund that co-finances climate-friendly private sector projects in the region. The Yarnel farm will receive \\$6.4 million from IIC’s capital and \\$6.4 million from the C2F.

The loan offers an 18-year tenor to make the project viable and competitive. The IIC has contributed to systemic change in Uruguay’s energy sector by providing long-term financing, mobilizing capital from investors and working with the government to increase the private sector?s involvement.