EDP Renováveis established new institutional partnership structure for 328 MW in the US
EDP Renováveis, S.A. (EDPR), through its fully owned subsidiary EDP Renewables North America LLC, has secured US$342 million of institutional equity financing from two major financial institutions, in exchange for an interest in two wind facilities located in US.
The two facilities are the 250 MW Hidalgo wind farm project, located in the State of Texas (US), and the 78 MW Jericho Rise wind project, located in the State of New York (US). Both projects have previously secured long-term sales agreements.
Under the agreement, funding will take place close to the start of operations of both projects, which is scheduled for the fourth quarter of 2016.
The institutional partnership structure established enables an efficient utilization of the fiscal benefits generated by the project and improves the project’s economics.
