DIF Capital Partners has acquired a 50 MW Cerro Grande wind farm in eastern Uruguay.

The manager’s DIF Infrastructure V fund has bought the asset, comprising 22 turbines, from Enercon and Eab New Energy for an undisclosed amount.

The project has been operational since January 2018 and benefits from a 20-year power purchase agreement with Uruguay’s state-owned utility UTE.

The project will continue to be operated and maintained by Enercon and asset management services continue to be provided by SEG Heliotec.

Wim Blaasse, managing partner of DIF Capital Partners said: “We are pleased to achieve the milestone of making our first investment in South America, following the recent opening of our South American office in Santiago (Chile).

“The acquisition is the result of our strong relationship with Enercon. The long-term project agreements provide a high degree of predictability of future cash flows, making this an attractive investment for DIF’s investors.”

DIF currently manages €5.6bn of assets across seven closed-end infrastructure funds and several co-investment vehicles. The manager invests in construction and operational infrastructure assets, that generate stable and predictable cash flows, located in Europe, North America, Australasia and South America.