EDP Renováveis executes project finance for 80 MW in Poland
EDP Renováveis, S.A. (“EDPR”) has executed a project finance structure agreement with the European Bank for Reconstruction and Development (“EBRD”) for 80 MW in Poland.
The long-term contracted debt facility amounts to 301 million Zlotys (€72 million equivalent) and the transaction financial close is expected to occur in the beginning of 2014.
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 fifth project finance in Eastern Europe (total of €445 million) providing 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).