Closing of VENTO III institutional partnership structure throught the sale of the remaining stake amounting to $ 141
EDP Renováveis, S.A. (“EDPR”), through its fully owned U.S. subsidiary Horizon Wind Energy LLC, has secured $141 million of institutional equity financing from Wells Fargo Wind Holdings LLC (“Wells Fargo”) in exchange for an interest in the Vento III portfolio.
With this new investment by Wells Fargo, EDPR has raised a total of $517 million through Vento III and closed all its funding needs. The transaction accelerates the monetization of tax benefits generated by the wind farms and improves the projects’ economics.
Vento III is a 604 MW portfolio of wind farms structured in December 2008 and consists of Rattlesnake Road, Pioneer Prairie, and Meridian Way. $376 million was previously funded by JPM Capital Corporation, New York Life Insurance Co., New York Life Insurance & Annuity Corp., and GE Energy Financial Services.