Published on July 13th, 2015 | by Smiti0
Sky Solar Secures $85 Million Loan For Uruguay Solar Power Projects
July 13th, 2015 by Smiti
Global renewable energy projects developer Sky Solar announced a major development in its plans to expand solar power infrastructure in Uruguay.
Sky Solar Holdings is working on 6 solar PV power plants in Uruguay. The company recently announced that it has secured debt finance worth $85 million for the construction of the projects. A bulk of the funding, $55.7 million, will come from the Inter-American Development Bank. The China Co-Financing Fund and the Canadian Climate Fund for the Private Sector will also provide additional loans of $19.3 million and $10 million respectively.
Sky Solar will work with local company Lafemir to set up the projects that will have a cumulative installed capacity of 82 MW. The projects will be located in Paysandú, Salto, and Río Negro in western Uruguay. When commissioned, these projects will generate an average of 125.4 GWh of electricity and offset 74,000 tonnes of CO2 emissions per year.
Sky Solar is looking to significantly increase its presence in Latin America and South America. The company currently has a pipeline of 639 MW capacity in Latin America. The company is also working on the largest solar power project in Chile which is expected to be operational later this year.