NEW YORK, March 13, 2013 /PRNewswire/ -- ContourGlobal, through its subsidiary Energia Eolica S.A., announced today that it entered into an agreement with Corporacion Financiera de Desarollo S.A. (COFIDE), Peru's national development bank for a $95 million loan facility. First disbursement is imminent and proceeds will support the construction of the Talara and Cupisnique wind farms in northern Peru. COFIDE used Deutsche Bank as the funding entity for the bridge loan which is expected to be repaid with long-term financing to be closed in the second quarter of 2013.
"We are delighted to close this financing with COFIDE. The Talara and Cupisnique wind farms are under construction and represent our first projects in Peru," said Felipe Castilla, Chief Financial Officer for ContourGlobal Latam. Alessandra Marinheiro, Chief Executive Officer for ContourGlobal Latam, said, "COFIDE's support is a testament to their commitment to power infrastructure in Peru. We expect to expand our footprint in Peru's power sector and look forward to doing so in collaboration with COFIDE."
The Talara and Cupisnique wind farms will become operational in 2013 and will sell their output under 20-year long-term power purchase agreements under Peru's RER program and will be the first large scale wind farms in the country. Vestas Corporation is the general contractor and is supplying 62 of their 1.8 MW V-100 wind turbine generators. The total expected investment is $250 million.
ContourGlobal is a New York based international power generation company with approximately 3000 MW in operations or under construction in 15 countries on four continents. The Company's 1500 people manage, own and operate a portfolio of 31 power plants utilizing a wide range of fuel types and technology including renewable energy production based upon wind, solar and biomass.
About ContourGlobal Latam
ContourGlobal Latam is ContourGlobal's subsidiary in Latin America. In Latin America, ContourGlobal Latam has 725 MW of power generation businesses in operation or under construction in Brazil, Colombia and Peru and is currently developing over 1,000 MW in the region. In addition to the wind farms in Peru, ContourGlobal Latam is currently building a 160 MW wind farm in Rio Grande do Norte in Brazil.
For more information please visit ContourGlobal on the Web at http://www.contourglobal.com/.