Catalytic Capital at Work: Developing the Solar Market in Uruguay

Convergence, the blended finance network, analyzed the Government of Uruguay’s 200MW tender program, launched in 2013, to attract private sector participation in the development of solar photovoltaic (PV) power plants and increase the share of renewable energy in Uruguay’s energy matrix. IDB Invest and the Canadian Climate Fund for the Private Sector in the Americas (C2F) addressed the primary market barriers to institutional investor investment in Uruguay’s nascent solar market. Their joint participation reduced counterparty risk and improved project bankability.