Dutch infrastructure fund manager DIF Capital Partners is to acquire the 50MW Cerro Grande wind farm in eastern Uruguay for an undisclosed price from Enercon and Eab New Energy, marking its first investment in South America.
The 22-turbine project has been operational since January 2018 and benefits from a 20-year power purchase agreement with UTE, Uruguay’s state-owned utility.
Cerro Grande will continue to be operated and maintained by Enercon and asset management services continue to be provided by SEG Heliotec.
Closing of the transaction, which is through the DIF Infrastructure V fund, is subject to receipt of usual consents from project counterparties and is expected to take place later this year, DIF said.
DIF Capital Partners managing partner Wim Blaasse said: “We are pleased to achieve the milestone of making our first investment in South America, following the recent opening of our South American office in Santiago, Chile.
“The acquisition is the result of our strong relationship with Enercon. The long-term project agreements provide a high degree of predictability of future cash flows, making this an attractive investment for DIF’s investors.”
DIF has been advised by Voltiq on the transaction and was provided with legal advice by Hughes & Hughes and Gomez-Acebo & Pombo.
DNV GL delivered technical advice, while Enercon was advised by Ficus Capital.