EDP Renováveis executes project finance for 70 MW in Poland
Madrid, August 4th 2014: EDP Renováveis, S.A. (“EDPR”) has executed a project finance structure agreement with Bank of China for a wind farm in operation in Poland, with an installed capacity of 70 MW.
The long-term contracted debt facility amounts to 220 million Zlotys (€53 million equivalent) and the transaction financial close is expected to occur during the 3Q2014.
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 transaction is EDPR’s eighth project finance in Eastern Europe (total of €558 million) providing strong evidence of the company’s competences in the
development of top quality projects and in the establishment of solid financial structures.