EDP Renováveis established its first institutional partnership structure for solar PV in the US
Madrid, September 1 2014: EDP Renewables (Euronext: EDPR), through its fully owned subsidiary EDP Renewables North America LLC, has secured a $33 million commitment of institutional equity financing in exchange for an interest in the 30 MW Lone Valley solar PV project, located in the State of California. Lone Valley is EDPR’s first solar project in North America, being currently under construction and expected to be commissioned in the 4Q14.
The Lone Valley solar project will sell its output through two 20-year Power Purchase Agreement (“PPA”) with Southern California Edison Company, a subsidiary of Edison International.
The institutional partnership structure established enables an efficient utilization of the fiscal benefits generated by the project and improves the project’s economics.
About EDP Renewables (EDPR)
EDP Renewables (Euronext: EDPR), Headquartered in Madrid, is a global leader in the renewable energy sector and the world’s fourth-largest wind energy producer. With a sound development pipeline, first class assets and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 12 markets (Belgium, Brazil, Canada, Spain, the US, France, Italy, Mexico, Poland, Portugal, the UK and Romania). Energias de Portugal, S.A. (“EDP”), the majority shareholder of EDPR, is a global energy company and a leader in value creation, innovation and sustainability. EDP is Portugal’s largest industrial group and the only Portuguese company to form part of the Dow Jones Sustainability Indexes (World and STOXX).