Spanish electric utility Saeta Yield has acquired Carapé I and II windfarms, which are currently in operation in Uruguay.
The purchase was made as part of a deal signed with Corporación América and Grupo San José valued at around $65m. This could be increased up to $85m if subordinated debt in the windfarms, held by financial institutions, is cancelled.
Representing Saeta Yield’s first international operation, the deal has increased the company’s total installed capacity by 12%. Saeta Yield plans to use its own available funds, which will raise its installed capacity to 884MW by adding 98MW of extra capability.
The deal further seeks to diversify Saeta Yield’s portfolio geographically. Both the windfarms are situated in Maldonado Province in Uruguay and feature 31 3.075MW Vestas V112 wind turbine generators.
With a total capacity to generate 95MW power, the farms feature a load factor of 44%.
The Carapé I and II windfarms have been in operation for more than one year and generation is sold under a long-term power purchase agreement (PPA) with National Administration of Power Plants and Electrical Transmissions (UTE) in Uruguay.
The average remaining life of the PPA is 21 years.
Saeta Yield also noted that it is planning to buy two other assets in Uruguay as part of its right-of-first-offer (RoFO) agreement with ACS and Bow Power.