AWARDS: Best Renewable Energy Financing.

AWARDS: Best Renewable Energy Financing.

Corporate & Sovereign Strategy IPO Equity Loans Uruguay

The sponsor on the 70 MW Colonia Arias wind farm project, Uruguay’s Usinas y Transmisiones Eléctricas (UTE), corralled a mixture of debt and equity sources for one of this year’s more innovative hybrid financings that is serving as a model for future Uruguayan renewable projects. While development banks and multilaterals are a mainstay in Latin America’s renewables pipeline, the Uruguayan utility opted to test the country’s equity market, alongside debt from development agencies and a commercial bank. UTE floated a special purpose vehicle, the Fideicomiso Financiero Arias, as part of the capital raising for the project. UTE injected approximately $10.7 million in equity itself and coordina

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