KfW IPEX-Bank and BayernLB arrange wind farm financing in Uruguay

Frankfurt am Main (ots) -

- SD 224 million loan with Hermes cover
- Support for exports: German manufacturer Nordex SE supplies 59
wind turbines
- The Pampa wind farm is set to provide 180,000 households with
"green" electricity from mid-2016

KfW IPEX-Bank and BayernLB have jointly arranged financing for the
Pampa wind farm in Uruguay. The German manufacturer Nordex SE is
responsible for turnkey installation and subsequent maintenance of
these wind turbines - 59 in total - for at least ten years. The
project was commissioned by the state-owned power utility
Administración Nacional de Usinas y Transmisiones Eléctricas (UTE).
As Uruguay's largest wind farm, Pampa is set to connect to the grid
by mid-2016 and is expected to supply up to 640 GWh of green
electricity every year - enough for 180,000 typical local households.
The total investment costs of the project, which is being implemented
in the Tacuarembó department in the centre of Uruguay, are roughly
USD 320 million. The funds in the amount of USD 224 million come with
an export credit guarantee by the Federal Republic of Germany.

"Financing for the Pampa project combines all of the goals that we
at KfW IPEX-Bank stand for: It contributes to global climate
protection, fosters internationalisation of the German economy and
secures jobs, in this case around 2,500 at Nordex and its
medium-sized suppliers", said Markus Scheer, member of the Management
Board of KfW IPEX-Bank.

This is one of the country's most important energy projects under
the scope of "Energía 2030", Uruguay's energy reform. At the same
time, the project contributes to the development of the local capital
market: UTE will offer 80% of the shares in the project company to
local institutional and private investors via the Uruguayan capital
market. This is a novelty on the Montevideo stock exchange which,
until now, only lists seven companies.

About KfW IPEX-Bank GmbH

Within the KfW Group, KfW IPEX-Bank is responsible for
international project and export finance. Its function of providing
financing to boost the German and European economy is derived from
the legal mandate assigned to KfW. It offers medium- and long-term
financing to support key export industries, to develop economic and
social infrastructure and to fund environmental and climate
protection projects. KfW IPEX-Bank operates as a legally independent
group subsidiary and plays a major role in fulfilling KfW's
promotional mission. It is represented in the most important economic
and financial centres across the globe.

Contact:
KfW IPEX-Bank GmbH,
Palmengartenstraße 5-9,
60325 Frankfurt
Pressestelle: Thomas Krick,
E-Mail: thomas.krick@kfw.de
Tel. 069 7431-2961,
Fax: 069 7431-9409,
E-Mail: info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de