CIBC FirstCaribbean and NuCapital together with Aspiravi have reached on 1 July 2016 an agreement on the financing of five new windmills, to be built at the existing wind farm at Tera Kòrá in Curaçao. The total investment is USD 36mln. VANEPS assisted parties in this transaction.

The team members for the finance part of the transaction were partner Focco Lunsingh Scheurleer, counsel Natasha Joubert, and associate Shalini Sadal and junior associate Vincent Abbing.

The management of the park has been in the hands of NuCapital and Aspiravi since 2012, when it was upgraded. The five new windmills combined have a maximum capacity of 16.5 MW. Curaçao aims to extract 50% of the total capacity needed on Curaçao from sustainable sources by 2030. The expansion of the park is a big step towards that goal, as managing director Roy Kolader of NuCapital indicated.