Narrative
Full Description
Project narrative
On 11 April 2014, the Inter-American Development Bank (IDB) signed a loan contract with Fingano S.A and Vengano S.A to finance the Carape I & II Wind Power Project, through which the IDB would provide 88.4 million USD from its ordinary capital (Loan 3053A/OC-UR-1, Loan 3053A/OC-UR-2, Loan 3053A/OC-UR-3, Loan 3053A/OC-UR-4), and the People's Bank of China would provide 44.2 million USD (Loan 3053/CH-UR-1, Loan 3053/CH-UR-2, Loan 3053/CH-UR-3, Loan 3053/CH-UR-4) via the China Co-Financing Fund for Latin America and the Caribbean (CHC). The IDB would also administer a B loan (Loan 3053B/OC-UR-1-DE, Loan 3053B/OC-UR-1-US-SMITNYB, Loan 3053B/OC-UR-2-US-SMITNYB), which would be financed by another commercial bank or financial institution. The B loan would be financed by Sumitomo Mitsui Banking Corporation, and the Banco de la República Oriental de Uruguay (BROU) provided additional financing for this project. The IDB approved this loan financing on 30 October 2013, and it refers to this project as "UR-L1086: Carape I & II Wind Power Project". Effective 1 January 2016, this operation was now managed by the Inter-American Investment Corporation (IIC, now IDB Invest). The borrowers, Fingano S.A. and Vengano S.A., are two special purpose companies owned by Corporación America S.A., Contreras Hermano S.A. of Argentina, and Constructora San José S.A. of Spain The Carapé I and II wind farms are located in the Sierra de Carape, north of the city of San Carlos, Maldonado. The project consists of a 90MW wind farm divided into two subprojects, Carapé I (50MW) and Carapé II (40MW). The project calls for the construction of 31 Vestas wind turbines, a 150kV, 39.6km transmission line, substations, civil works, access roads, and other infrastructure need to transmit power to UTE. Carapé I was approved under Decree 403/009 in March 2011, and Carapé II was approved under Decree 424/011 in February 2012. The project is developed by Vengano S.A. (Carapé II) and Fingano S.A. (Carapé I). Construction of Carape II began in August 2014. The project (both Carapé I & II) was completed in September 2015. The project will have an estimated annual electricity generation of around 364,700MWh, enough to power over 158,000 people and reduce CO2 emissions by an average of 259,000 tons annually. The China Co-Financing Fund was established on 14 January 2013 with a contribution of 2 billion USD by the People's Bank of China, and it is administered by the IDB. For more information, see umbrella Record ID#86526.