ENEOP executes project finance of €260 million for 376 MW in Portugal
Madrid, December 21th 2011: EDP Renováveis, S.A. (“EDPR”) informs that its associated company ENEOP – Eólicas de Portugal, S.A (“ENEOP”) executed yesterday a project finance structure with the European Investment Bank (“EIB”) for its second group of wind farms developed in Portugal, totalling 376 MW. Following this transaction ENEOP has its first (480 MW) and second (376 MW) group of projects with long‐term financial structures in place.
The long‐term contracted debt facilities amount to €260 million: 1) EIB Structured Finance Facility of €100 million, which is expected to be funded in the first quarter of 2012; and 2) EIB Guaranteed Facility of €160 million to be funded once its condition precedents are met. The closing of this transaction will allow an equity reimbursement to ENEOP’s shareholders, which have fully funded the investment in the second group of projects through equity contributions and shareholder loans.
The ENEOP consortium, which includes the wind power operators EDPR, Enel Green Power and Generg Group along with the industrial partner Enercon, signed in 2006 a contract for the development of 1,200 MW following a competitive public tender made
by the Portuguese Government. EDPR has a 40% stake among the wind power operators that participate in this consortium, corresponding to 480 MW of which 321 MW were already in operation as of September 2011.
EDPR continues to execute top quality projects which are enabling the company to diversify its funding sources and access to local project financing at a competitive cost.