ContourGlobal, through its subsidiary Energia Eolica SA, has entered into an agreement with Corporacion Financiera de Desarollo SA (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, and long-term financing is expected to close in the second quarter of this year.
The Talara and Cupisnique wind farms, which will consist of 62 Vestas 1.8 MW V-100 wind turbines, are under construction. They will be the first large-scale wind projects in Peru, and represent an investment of approximately $250 million. The projects will enter operation this year and will sell their output under 20-year power purchase agreements.