EDP Renováveis closes new institutional partnership structure for 100 MW in the US
Madrid, November 26th 2015: EDP Renováveis, S.A. (“EDPR”) has secured $116 million of institutional equity financing from MUFG Union Bank N.A. and another leading institutional investor, in exchange for an interest in the 100 MW Arbuckle wind project, located in the State of Oklahoma. The project will sell its output through a 20-year Power Purchase Agreement (“PPA”).
EDPR also announces it has completed the funding needs of its 2015 US projects, all with long-term PPAs, by securing a total of $473 million of institutional equity financing.
The establishment of institutional partnership structures enables EDPR to efficiently utilize the tax benefits generated by the projects, improving the project’s economics and maintaining its self-funding strategic pillar.