FRV awarded to develop a 50MW solar photovoltaic project in Uruguay

September 10, 2013

FRV had been awarded the right to build a 50 megawatt (MW) photovoltaic (PV) facility in Uruguay. The company has been selected within a public tender process led by UTE for the development of this project under a PPA (Power Purchase Agreement) scheme for a period of 30 years.

The plant, that will be built at Salto, north of Uruguay, is part of the Government’s sustainable energy policy to promote the greater use of solar in Uruguay within the approval of the Decreto nº 133, published in May 2013.

Construction of the plant is due to be completed by 2014, subject to environmental assessment and approval of the project by the public authorities.

Once completed, the facility will comprise around 225,000 PV panels and generate enough electricity to fully power approximately 20,000 Salto homes and at the time of completion will be one of the largest solar projects under operation in Latin-America.

The project will deliver significant benefits to the local economy including job creation during the construction phase and ongoing operation.
FRV is a leading worldwide solar company with active presence in Australia, Africa, Latin-America, Middle-East and Europe. Since 2006 it has participated in the development of more than 1.5 GW, having completed the construction, operation, maintenance and financing of over 350 MW of photovoltaic and CSP solar energy plants.

With a world class team, FRV has successfully financed approximately $2 billion of solar projects globally with more than 20 leading international banks.

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Scott Mackin

Managing Partner and Co-President, Denham Capital

Denham Capital has been proud to partner with the team at FRV for nearly three years in this very successful investment. Rafael, José and their colleagues have captured a leading position in key emerging markets where solar undercuts the marginal cost of electricity.

José Benjumea

Founder, FRV

Everything has to change to stay the same. Energy has to be accessible, clean and sustainable, but if it is not affordable, the change will never come.

Gianfranco Carassale

Lead Investment Officer, Inter-American Investment Corporation (IIC)

They are known for their expertise in solar technology as well as for their deep knowledge of the process, the financial structure and the energy market as a whole. This enables them to be extremely competitive. This way they reach efficiency and maximize profits, developing economically viable projects even at very tight and ambitious price targets.