SoWiTec sees wind farms online by 2015 with Santander deal

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Tuesday, January 24, 2012

Banco Santander (NYSE: STD) and wind power developer SoWiTec have signed an agreement to advance development of four wind farms in Mexico totaling 700MW.

Santander Capital Structuring (SCS), responsible for renewable energy project investment, will provide up to 100% of required capital to develop the projects, Santander Mexico said in a statement. SCS and SoWiTec will each have a 50% stake under the deal.

The wind farms are planned for the states of San Luis Potosí (160MW), Nuevo León (200MW) and Coahuila (340MW, two projects).

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"With Santander's pledge, we expect the project to be in operation by end-2014," said SoWiTec Latin America and Mexico directors Lucas Casabonne and Alejandro Robles Hüe respectively.

Osvaldo Rancé Cachafeiro, Santander's asset & capital structuring head for Mexico, added that the projects are in areas where transmission capacity is available.

SoWiTec also boasts a presence in Argentina, Brazil, Chile, France, Peru, Russia and Uruguay, with a 50GW development pipeline, of which 8GW are in an advanced stage and the first 500MW will be built this year in Brazil, Chile, Mexico and Uruguay.