DIF acquires first Latin American asset

09 September 2019 - 10:16 am UTC

Dutch infrastructure asset manager DIF has agreed to acquire the 51.7MW Cerro Grande wind farm in Uruguay from Germany’s Enercon, according to a 9 September press release.

 

The transaction, which is due to close before the end of 2019, is DIF’s first in Latin America following the opening of its office in Chilean capital Santiago in June this year.

 

The press release did not give an indication of the price or the multiple.

 

DIF is working with transaction advisor Voltiq, legal firms Hughes & Hughes and Gómez-Acebo & Pombo, technical advisor DNV GL, tax advisor KPMG, model auditor Mazars and insurance company Aon. Enercon is working with financial advisor Ficus Capital on the sale.

 

The wind farm is located in the Cerro Largo Department of Eastern Uruguay and comprises 22 Enercon E-92/2.350kW generators operating under a 20-year PPA with Uruguayan power company Usinas y Trasmisiones Eléctricas (UTE).

 

Enercon originally signed a 50MW PPA contract with UTE in October 2013, later expanding that contract to 51.7MW in March 2016.

 

Enercon initially financed the project with USD 129m in equity, according to Inframation Deals, and then leveraged the project with USD 69.5m in loans from Spanish banks Santander and Caixa in April 2018.

 

Enercon also owns the Peralta I and II wind farms, which have a combined capacity of 117.5MW and received project financing in August 2016 from KfW IPEX-Bank GmbH and Landesbank Hessen-Thuringen.

 

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