ACS affiliate sells private bond to refinance Uruguayan wind farm

17 December 2019 - 12:00 am UTC

The SPV behind the 49 MW Kiyú wind farm in Uruguay sold a USD 88m bond through a private placement earlier this month to sole buyer AllianzGI, according to a 17 December release.

The 4(a)(2) fully amortizing project bond carries a 22-year tenor. The sponsor will use proceeds to refinance a previous loan closed in 2014.

Crédit Agricole served as placement agent for the transaction.

The deal is backed by a 24-year power purchase agreement (PPA) signed with Administración Nacional de Usinas y Transmisión Eléctrica (UTE). The wind farm started operations in April 2017.

Clifford Chance served as international legal advisor to the investor, while Jiménez de Arechaga, Viana & Brause was the local legal counsel.

Baker & McKenzie served as international legal advisor to the issuer.

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