EDP Renováveis executes project finance for 70 MW in Brazil
Madrid, July 25th 2011: EDP Renováveis, S.A. (“EDPR”) has executed a project finance structure agreement with the Brazilian Development Bank (“BNDES”) for its 70 MW Tramandaí wind farm in Brazil, in the State of Rio Grande do Sul, fully commissioned in
The long-term contracted debt facility amounts to R$ 228 million and the transaction financial close is expected to occur on the third quarter of 2011.
The Tramandaí wind farm is a milestone of EDPR’s wind development in South America. It was the first wind farm built and installed by EDPR in Brazil, a country with a strong potential for the development of wind energy given its attractive wind resource.
Tramandaí’s production is fully contracted under the PROINFA renewable energy incentive program, through a 20-year PPA with Eletrobrás – Centrais Elétricas Brasileiras S.A. -, providing visible and attractive returns.
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.