IDB Invest issues fourth bond to finance solar PV plants in Uruguay

IDB Invest has provided a $28.1 million financing with a 20-year term for the refinancing of the Natelu and Yarnel photovoltaic solar plants in Uruguay. The financing includes the issuance of a senior B bond, acquired in its entirety by MetLife Investment Management customers, and represents the fourth bond that IDB Invest issues to finance renewable energy in Uruguay. 

IDB Invest’s financial package consists of $2.8 million of its own resources and the issuance of a B bond in the private market for $25.3 million, pending to fulfill previous conditions. The financing structure with B bonds facilitates the development of an alternative financing source through the capital markets.

The plants are located in Young, in the department of Río Negro, and Mercedes, in the department of Soriano. The projects are owned by the company Solaria Energia y Medio Ambiente, a Spanish multinational dedicated to electricity generation based on solar energy. The plants, which have been in operation since July and June 2017 respectively, generate approximately 32.9GWh of renewable energy a year, which means an annual average reduction of 18,000 tonnes of carbon dioxide equivalent emissions.