EDP Renováveis established new institutional partnership structure for 99 MW in the US
Madrid, October 29th 2014: EDP Renováveis, S.A. (“EDPR”), through its fully owned subsidiary EDP Renewables North America LLC, has secured a $109 million commitment of institutional equity financing from an affiliate of MUFG Union Bank N.A. (“MUFG Union Bank”), in exchange for an interest in the 99 MW Rising Tree North wind project, located in the State of California.
The project will sell its output through two 20-year Power Purchase Agreements (“PPA”).
Under the agreement, MUFG Union Bank will invest its funds close to the project’s start of operations, which is scheduled for the fourth quarter of 2014.
The institutional partnership structure established with MUFG Union Bank enables an efficient utilization of the fiscal benefits generated by the project improving the project’s economics.
With this agreement, EDPR reaches a total of $332m of institutional partnership structures in 2014 and has completed the financing of its 2014 projects in the US.