The project is also be backed by IDB-led China Co-Financing Fund and the Canadian Climate Fund for the Private Sector with loans of $19.3m and $10m, respectively.
Financed jointly by Sky Solar and local company Lafemir, the project comprises 82MW solar plants in the departments of Paysandú, Salto and Río Negro in western Uruguay.
The project is expected to generate around 125.4GWh , while reducing approximately 74,000t of CO2 emissions a year.
IDB structured and corporate financing department infrastructure division chief Jean-Marc Aboussouan said: "Through this project, the IDB continues supporting Uruguay in furthering its non-traditional renewable energy capacity, while also promoting use of locally manufactured equipment, professional capacitation and the implementation of a climate change educational initiative."
A joint venture of Lafemir and a photovoltaic panel manufacturer will supply panels for the project.
Sky Solar said that the project is in line with its plan to expand its operations in Latin America.
Sky Solar chairman and CEO Weili Su said: "We continue to make progress on the 9.5MW (8MW AC) already under construction in Uruguay and also remain on track to break ground on one of the largest solar projects in Chile during the third quarter of 2015.
"Our focus remains on projects with high returns while securing low cost of capital as we continue to explore new opportunities and expand our pipeline in the region."
