Project detail - POLESINE SA


Status: Completed investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Polesine S.A. is a company established in Uruguay for the sole purpose of constructing, operating and maintaining a 50MW wind farm in the Florida province. Polesine is 100% owned by Akuo Energy Uruguay S.A.S., a 100% subsidiary of Akuo Energy SAS (Akuo), a French renewable energy developer, constructor and operator.

What is our funding objective?

The funding will be used to finance part of the senior debt to enable the construction of the 50 MW wind project.

Why do we fund this investment?

Electricity demand in Uruguay has grown considerably over the last few years and at the moment energy supply is very much dependent on the import of oil products and their hydro capacity. To make the country less vulnerable to oil prices and droughts, the Government has initiated a long term energy policy to incorporate energy generation from natural local resources. The current project fits very well with this policy, which in turn is well aligned with FMO's energy strategy.

Website customer/investment
Latin America & The Caribbean
Effective date
End date
Total FMO financing
USD 25.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)