IIC finances transmission line to connect renewable energy projects in Uruguay
The Inter-American Investment Corporation (IIC), the private sector arm of the IDB Group, signed a US$56 million senior A-loan and a US$25 million B-loan from BBVA to Difebal S.A, a special purpose vehicle fully owned by Terna, the largest transmission system operator in Europe.
The financing will build a transmission line between the cities of Melo and Tacuarembó in Uruguay, connecting projects that generate renewable energy for the country's electrical grid. The financing offers a tenor of 17 years and is key to ensuring the current and future reliability of the national electricity system in Uruguay.
This transaction highlights the importance of updated transmission for the promotion of renewable energy expansions in emerging markets and underscores the IIC’s commitment to mitigating climate change.
About the Inter-American Investment Corporation (IIC)
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group (IDB Group), is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of US$11 billion under management and 350 clients in 21 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.
Terna is one of the largest independent electricity transmission operators in Europe with more than 72,000 km. of high voltage lines. It is responsible for the transmission and management of electricity flows across Italy, maintaining a balance in energy supply and demand. Thanks to its focus on sustainability and its strong ESG actions, Terna is among the leading companies in the electricity sector included in the main sustainability indexes.