EDP Renováveis established new institutional partnership structure for 99 MW in the US
Madrid, July 1st 2015: EDP Renováveis, S.A. (“EDPR”) has secured $117 million of institutional equity financing from MUFG Union Bank N.A. and another leading institutional investor, in exchange for an interest in the 99 MW Rising Tree South wind project, located in the State of California. The project will sell its output through a 20-year Power Purchase Agreement (“PPA”).
Under the agreement, the financing was completed following the conclusion of the project’s construction (second quarter of 2015).
The institutional partnership structure established enables an efficient utilization of the tax benefits generated by the project improving the project’s economics.