Deutsche Bank finances its first renewable energy project in Latin America
Deutsche Bank’s Infrastructure & Energy Finance team has closed the construction financing of its first renewable energy project in South America, by providing a construction loan for a 52 MW onshore wind farm in Uruguay.
Deutsche Bank acted as structuring bank, sole book runner and underwrote USD 92 million in debt capital for the USD 144 million project. Subsequently, Deutsche Bank brought along the Industrial and Commercial Bank of China and Intesa Sanpaolo as lenders to the transaction.
The project developer Sowitec Group was established in 1993. Sowitec has developed 30 wind farms in Germany and since 2003 has been active internationally in France, Brazil, Argentina, Chile, Mexico, Peru, Uruguay, Colombia and Russia. Sowitec has more than 200 employees worldwide and is now one of the project developers in Latin America and Russia with more than 60 projects globally in various stages of development with a planned capacity of 12 GW.
Uruguay is recognized for its ambitious energy targets
Bhaswar Chatterjee, Americas Head of Infrastructure & Energy said, “This deal illustrates the growing attractiveness and interest by Deutsche Bank in helping finance renewable energy in key emerging markets by partnering with leading German and European companies."
Deutsche Bank is one of the largest financiers of renewable energy
Deutsche Bank is one of the largest financiers of renewable energy. In 2014, we provided around Euro 1 billion in capital which helped finance projects of value more than Eur 4.3bn and with a total capacity of approximately 1.8GW.