Sky Solar commits $85m to solar power in Uruguay
Hong Kong-based firm working on 6 solar PV plants with $55m of the funding provided by the Inter-American Development Bank
Sky Solar, the global clean energy developer, has secured $85 million in debt finance to expand solar power infrastructure in Uruguay.
Hong Kong-based Sky Solar is working on 6 solar photovoltaic power plants in the South American country and $55.7 million of the funding will be provided by the Inter-American Development Bank.
The China Co-Financing Fund and the Canadian Climate Fund for the Private Sector will provide additional loans of $19.3 million and $10 million respectively.
Sky Solar will work with local firm Lafemir to set up the projects that will have a total installed capacity of 82 MW when completed.
The projects will be located in Paysandú, Salto, and Río Negro in western Uruguay and will generate an average of 125.4 GWh of electricity, offsetting and estimated 74,000 tonnes of carbon emissions annually.
Sky Solar is aiming to boost its presence in the region and the company currently has a pipeline of 639 MW capacity in Latin America.
The company is also working on the largest solar energy project in Chile which is expected to be finished later in 2015.