FRV to build 65MW Uruguay PV

Spain-based developer Fotowatio Renewable Ventures (FRV) can press ahead with a 65MW PV plant in Uruguay after signing a $70m project finance deal.

FRV said its Jacinta plant in Uruguay’s Salto Department is the first solar project to secure a power-purchase agreement (PPA) from state power utility UTE, which has signed a 30-year deal.

It will build the array after sealing the project finance agreement with DNB Group and Intesa Sanpaolo.

Spanish finance group Santander is providing an extra $24m tranche.

Jacinta will use modules from Chinese industrial group BYD, which last week unveiled plans to begin solar production from a new plant in Brazil.

EPC work will be handled by Spain’s OHL Industrial, with the plant expected to be complete by May 2015.

FRV said the project is its first to achieve financial close in the region.

The developer worked with UTE on environmental impact and grid-connection issues for Jacinta, which FRV said will be among the largest Latin America.