EDP Renováveis, S.A. (EDPR) has secured US$240 million of institutional equity financing from an affiliate of Google, in exchange for an interest in the 199 MW Waverly wind project located in the State of Kansas, US.
Under the agreement, Google will invest its funds close to the project’s start of operations, which is scheduled to occur by the end of 2015.
The project incorporates 90 2.1-megawatt Gamesa turbines and five 2.0-megawatt turbines, for a total of 199 MW. The turbines will be located on approximately 25 square miles generally located from 18th to 25th roads and from Oxen to Yearling roads in northeastern Coffey County.
In January 2014, KCP&L, a large utility based in Kansas City, Missouri, signed a 20-year power purchase agreement (PPA) with EDPR to purchase the electricity produced from the project
The institutional partnership structure established with Google is EDPR’s largest institutional partnership structure with just one underlying project, enabling an efficient utilization of the fiscal benefits generated by the project and improving the project’s economics.