Jiménez de Aréchaga, Viana & Brause advised Santander and CaixaBank in the project financing of Cerro Grande wind farm
On 22rd of May, 2018, ENERCON, Santander and CaixaBank reached financial close of the project financing of the Cerro Grande Wind Farm, east of the city of Melo. Both banks acted as Mandated Lead Arranger for the transaction.
Cerro Grande wind farm consists of 22 ENERCON E-92 turbines with a hub height of 98m and has a total capacity of 50 MW under excellent wind conditions. The electricity sale is secured by a long-term 20-year PPA, where the electricity is supplied in take-or-pay manner to the local system operator UTE.
Connected to a strategic interconnection node between Uruguay and Brazil, the wind farm has the technological potential to supply both, Uruguayan and Brazilian electricity consumers. Its annual electricity generation capacity is equivalent to supply approximately 80.000 average Uruguayan households.
Cerro Grande wind farm is surging from Uruguay’s latest electricity auction and is one of the last wind farms to be physically connected to the grid. Uruguay thereby completes its major policy package to achieve 100% renewable energy in their mix.
During 2017, due to abundant wind energy in addition to the existing hydro, biomass and photovoltaic power sources, nearly 50% of the days of the year have been supplied 100% by renewable energy sources in Uruguay. ENERCON FACTS technology basing on the turbines full converter properties is supporting to run the country’s electricity grid under these challenging conditions.
“This is the second Enercon wind farm in our country, what confirms Enercon’s trust in Uruguay and its energetic development”, commented Nicolás Herrera Alonso, partner at Jiménez de Aréchaga, Viana & Brause.
The team that participated in this transaction was formed by partner Nicolás Herrera Alonso, and senior associates Magdalena Secco and Laura Feriría.