July 2017 – Astris closes the refinancing of the Florida 1 Wind Farm in Uruguay

Astris Finance advised Akuo and Cubico (together the “Sponsors”) on the refinancing of a 50 MW Wind Farm project located in Florida, Uruguay (the “Project”). The Project benefits from a 20-year Power Purchase Agreement with the Administración Nacional de Usinas y Trasmisiones Eléctricas (“UTE”).

The Project was originally developed by Akuo and was completed in 2014. The Project had been initially financed by a syndicate of European Development Finance Institutions, including Proparco, DEG and FMO.

The USD 81.3m Refinancing Facility were arranged jointly by CaixaBank and Export Development Canada, acting as co-Mandated Lead Arrangers. Benefiting from the current market conditions, the Sponsors were able through the refinancing to extend the maturity, lower the debt service and reduce financing costs.

Astris Finance acted as exclusive financial advisor to the Sponsors.