08.01.2015: Spanish solar company Fotowatio Renewable Ventures (FRV) has secured $81 million in financing from Inter-American Development Bank (IDB) for the construction of a 65 MW PV plant in Uruguay. The funds will be used to refinance a $70 million loan obtained from DNB Group and Intesa San Paolo in July 2014. At the time, the company also received $24 million in financing from Banco Santander. According to Fotowatio, the new loan will enable the company to improve the project’s financial costs. In July 2014, Fotowatio signed a 30-year PPA with Uruguayan state-owned utility UTE for the project. The company said it expects to complete the project in May 2015. UTE selected FRV to build and operate the plant in August 2013 as part of the second round of its 200 MW large-scale PV procurement program. The project will be located in the Salto Department in northwestern Uruguay. Successful bidders in the second bidding round, which ended in September 2013, were promised 20- to 30-year PPAs with UTE that pay a set rate of $91.50 per MWh. © PHOTON
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