The Inter-American Development Bank (IDB) has approved a US$ 150 million loan to Argentinean renewable energy company Impsa to support the construction of four wind farms – three in Brazil and one in Uruguay. The full cost of the schemes is put at US$ 1.4 billion, and when complete in 2014, they will provide 546 MW of generation capacity.
Commenting on the loan, the IDB’s project team leader for structure and corporate finance said, “The long-term financing provided by the IDB will allow Impsa to advance on its plans to build a long-term renewable energy market in Latin America and bypass the current turbulence in credit markets, which could make project financing more challenging in the coming months. The IDB maintains ambitious targets for expanding its renewable energy portfolio across the region, and operations such as the IMPSA financing are meant to have a catalytic impact on this rapidly expanding sector.”
The three new Brazilian wind power plants will add an additional 481 MW of installed capacity. The IDB also says the wind farm in Uruguay, known as El Libertador, will contribute at least 13% towards the country’s strategic goal of reaching 500 MW of installed wind capacity over the next five years.
Impsa has installed hydro and wind power generation equipment across more than 110 projects in 30 countries with a total capacity of some 23.6 GW. The IDB says Impsa is the largest Latin American wind equipment manufacturer and direct investor in wind farms as well as the second largest manufacturer of hydro equipment in the region.