EDP Renováveis executes project finance for 50 MW in Poland
EDP Renewables (EDP Renewables, Euronext: EDPR), a global leader in the renewable energy sector and the world’s third-largest wind energy producer, has executed a project finance structure agreement for two wind farms placed into operation in 2013 in Poland, with a total installed capacity of 50 MW.
The long-term contracted debt facility amounts to 168 million Zlotys (€40 million equivalent) and the transaction financial close is expected to occur until the end of 2013.
EDPR financing strategy is to contract long-term debt in local currency at competitive prices in order to mitigate the refinancing risk and to reduce the foreign exchange risk by having a natural hedge between revenues and costs.
This new agreement is EDPR’s sixth project finance in Eastern Europe (total of €485 million) providing strong evidence of the company’s competences in the development of top quality projects and in the establishment of solid financial structures.
About EDP Renewables (EDPR)
EDP Renewables (Euronext: EDPR), headquartered in Madrid, Spain, is a global leader in the renewable energy sector and the world’s third-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 11 markets (Belgium, Brazil, Canada, Spain, the US, France, Italy, 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).