EDP Renováveis get equity financing for wind project in California

EDP Renováveis, S.A. (EDPR) has closed financing for the 99 MW Rising Tree South wind project, located in the State of California (USA).

EDPR has secured $117 million of institutional equity financing from MUFG Union Bank N.A. and another leading institutional investor, in exchange for an interest in the project

The wind farm will sell its output through a 20-year power purchase agreement (PPA). Under the agreement, the financing was completed following the conclusion of the project’s construction (second quarter of 2015).

In mid July we reported that MUFG was the coordinating lead arranger and bookrunner for the credit facilities to support the 102 MW operating Coram Wind Project in USA.