EDPR was awarded with long term sale agreements for 155 MW in the US
Madrid, November 13th 2014: EDP Renováveis, SA (“EDPR”), through its fully owned subsidiary EDP Renewables North America LLC, was awarded by the New York State Energy Research and Development Authority (“NYSERDA”) with two 20-year sale agreements for Renewable Energy Credits (“RECs”), comprising a total of 155 MW of new capacity to be installed in 2017 in the state of New York, US.
These agreements are subject to a new extension of the Production Tax Credits (“PTC”). The current PTC scheme was signed in January 2013, and allowed wind
energy projects that have begun construction before January 1st, 2014 to benefit from a 10-year PTC ($23/MWh) on its electricity output.
These long term sale agreements demonstrate EDPR’s strategy of focus on developing quality projects and adapting its pipeline to capture opportunities ontime.
The effectiveness of these agreements will increase the visibility and reinforces the low risk profile of EDPR 2014-17 business plan, resulting in more than 90% of the new capacity additions in the period based on projects with long term agreements or Feed-in tariff awarded.