FERRERE has advised Nordex USA, a subsidiary of Nordex SE, on the execution of an agreement with a trust created by Uruguay’s state energy company UTE under which the German wind turbine manufacturer will perform all works and provide all inputs needed to complete a 141.6 megawatt wind farm in the center of the country. The wind farm is the largest currently being built in South America and is expected to be operational in 2015.
The turnkey agreement was signed for approximately US$ 275 million on February 20. Nordex will provide civil and electrical works, including access roads, crane pads and laydown areas, turbine foundations, turbine transformers, the power collection network, substation and meteorological mast, as well as the supply, installation and commissioning of the wind turbines.
UTE’s intention is for the project to be funded by Uruguayan pension funds and small private investors through the acquisition of certificates of participation issued by the trust. This is the first time that UTE has turned to capital markets to fund an energy project.