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