The project, comprising 22 turbines, has been operational since January 2018 and benefits from a 20-year power purchase agreement with UTE, Uruguay’s state-owned utility
Image: The Cerro Grande wind farm located in eastern Uruguay. Photo: courtesy of DIF Capital Partners.
DIF Capital Partners (“DIF”), through its most recent fund DIF Infrastructure V, is pleased to announce the signing of an agreement with Enercon and eab New Energy from Germany for the 100% acquisition of the 50 MW Cerro Grande wind farm located in eastern Uruguay.
The project, comprising 22 turbines, has been operational since January 2018 and benefits from a 20-year power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be operated and maintained by Enercon and asset management services continue to be provided by SEG Heliotec.
Wim Blaasse, Managing Partner of DIF Capital Partners added: “We are pleased to achieve the milestone of making our first investment in South America, following the recent opening of our South American office in Santiago (Chile). The acquisition is the result of our strong relationship with Enercon. The long-term project agreements provide a high degree of predictability of future cash flows, making this an attractive investment for DIF’s investors.”
DIF has been advised by Voltiq (transaction), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV GL (technical), KPMG (tax), Mazars (model audit) and Aon (insurance). Enercon was advised by Ficus Capital.
Closing of the transaction is subject to receipt of usual consents from project counterparties and is expected to take place in the course of 2019.
Source: Company Press Release