DEG loans Sowitec US$9mn for wind projects

Tuesday, June 21, 2011

German development institution DEG has granted two loans totaling 6mn euros (US$8.64mn) to German renewable energy firm Sowitec for wind energy projects in Latin America, the former said in a statement.

The "quasi-equity" loans will be used for the development of nine wind farms with a total capacity of up to 1GW located in Argentina, Brazil, Chile, Mexico, Peru and Uruguay.

"DEG's strong presence in the region and its numerous important contacts will help Sowitec to further strengthen its position as a leading project developer in Latin America," Sowitec director Frank Hummel said in the statement.

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DEG expects its financing this year in Latin America and the Caribbean to reach similar levels as in 2010, Justus Vitinius, head of DEG's Latin American department, told BNamericas in May.

DEG provided a record 360mn euros in financing - equity investments and loans - last year in the Latin America and the Caribbean, which made the region its largest worldwide for the first time.