IDB Invest has provided a US$67 million financial package to Tealov S.R.L (Tealov), an Uruguayan special purpose company (SPV) sponsored by Invenergy Renewables Global LLC (Invenergy), for the development of the Cardal Transmission Project in Uruguay.
The financial package includes an US$11.5 million loan and a US$55.5 million B-bond, acquired in its entirety by Prudential Private Capital, the private capital business of Prudential Financial, Inc. The proceeds provide resources to support the long-term reliability of the national electricity system in Uruguay and enable increased renewable energy production by expanding the electricity network necessary to deliver energy to the demand centers. The project consists of the design and construction of:
- 500 kV substation in Cardal, which will section the existing Palmar-Montevideo Transmission Line;
- 55-km 500 kV transmission line connecting the new substation in Cardal to Punta del Tigre;
- 20 km 150 kV transmission line connecting Salto Grande to Salto B substation; and
- Provision of ancillary works for existing substations.
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