The Overseas Private Investment Corporation (OPIC) will provide around $96m in financing for a renewable energy project in Uruguay.

The 50MW Melowind project, located in the northeastern part of the country, will be constructed by Juwi – a German developer of renewable energy projects.

OPIC noted that Nordex USA, based in Jonesboro, Arkansas, will supply wind turbines to the wind power facility.

Commenting on the transaction, OPIC president and CEO Elizabeth Littlefield said the wind power project will help the country to meet its periodic energy supply deficits.

"OPIC is committed to supporting the efforts of Uruguay as it works to better support the energy needs of its people and businesses," added Littlefield.

This project will contribute to OPIC’s increasing support for renewable resources projects in Latin America.

In addition, OPIC has approved $193m in financing for Peru’s first large-scale wind project power grid in March, added to two solar projects approved in 2011 and 2012.