The loan amount will be employed to finance the development of the Generación Eólica Minas wind farm, with a total installed capacity of around 42MW in Uruguay.
The proposed wind power project will consist of 14 wind turbines of the type V-112, manufactured by Danish manufacturer Vestas Wind Systems.
This project is anticipated to generate around 176GWh of clean electricity annually, enough to power around 40,000 households annually.
Apart from Vestas, a Portuguese construction firm Jayme da Costa is responsible for the construction of the wind farm.
Commenting on the transaction, Akuo Energy president and CEO Eric Scotto said, "I would like to thank all our partners, including KfW IPEX-Bank, sole financier of the loan, but also Vestas and Jayme da Costa, who played an active role in the development and the funding of the Minas wind farm.
"This remarkable team work resulted in a great achievement: the Minas wind-farm is the first project ever funded with non-recourse finance in Uruguay by KfW IPEX-Bank and the second for Akuo Energy in the past 6 months. We are all the most proud of it".
About 80% of the long-term loan is covered by a guarantee from the Danish export credit insurer Eksport Kredit Fonden, the bank said.
In addition to the Minas wind farm, Akuo is constructing a second project in Uruguay, the Florida wind farm.
