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The Inter-American Development Bank (IDB) has announced substantial financial support in form of loans to two wind energy projects in Uruguay.

The projects will have a generation capacity of 70 MW each. The Colonia Arias wind farm and the Valentines wind farm will each receive a loan worth $72m from IDB.
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The two projects shall also receive an additional $36m each from the China Co-financing Fund for Latin America and the Caribbean, bringing the total financial support to $216m. 

The electricity will be sold to a government entity through a long-term power purchase agreement.

Uruguay has set a target to source 90 per cent of its total electricity needs from renewable energy sources by the end of this year. The country’s national energy director announced that 84 per cent of the electricity consumed was sourced from renewable energy sources last year.