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The project is located in San José department and will generate approximately 188GWh/y, an IDB release said, or enough to meet the needs of 67,753 consumers.
Cobra Ingeniería Uruguay will develop the project.
About 17% of Uruguay's power comes from renewable sources, the statement said. Biomass and wind account for 12% and 5% of the total, respectively.
Hydro and thermo contribute 45% and 38%. By 2017, renewables are scheduled to account for 30% of installed capacity in the country.
The Kiyú announcement coincides with the launch of the IDB's Decade of Sustainable Energy for All Americas initiative this week in Santiago, Chile.
The bank is also preparing loans of US$26.2mn and US$24.8mn, respectively, for two Uruguayan solar projects with capacities of 38.3MW and 36MW. Both are being developed by Sky Solar Holdings.
The statement did not give a timeline for the construction and startup of the plant. Cobra's Uruguay office did not answer repeated phone calls.
BNamericas will host its 11th Southern Cone Energy Summit in Lima, Peru, on November 12-13. Click here to download the agenda.