EDP Renováveis executes project finance for 57MW in Romania
Madrid, December11th 2012: EDP Renováveis, S.A. (“EDPR”) has executed a project finance structure agreement with a consortium of banks led by the European Bank for Reconstruction and Development (“EBRD”) for 57 MW in Romania.
The long-term contracted debt facility amounts to €50 million and the transaction financial close is expected to occur over the coming weeks.
This transaction, for the already in operation Vutcani (24 MW) and Sarichioi (33 MW) wind farms, represents EDPR’s third project finance in Romania. With this agreement all the wind installed capacity by EDPR in Romania (285 MW) have now project financing structures fully secured (€238 million).
The ability of EDPR to close project finance transactions in Eastern Europe provides strong evidence of the company’s competences in the development of top quality projects and in the establishment of financial structures meeting the requirements of partners with rigorous investment criteria and a strong focus on renewable energy development.
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).