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US Treasury approves EDPR’s first cash grant in an amount of $48 Million

US Treasury approves EDPR’s first cash grant in an amount of $48 Million

The United States Department of Treasury (“Treasury”) informed EDP Renováveis, S.A. (“EDPR”) that it has approved today the Wheat Field wind farm cash grant application for payment in the amount of $48 million, which should be received within 5 days.

The Wheat Field wind farm, located in the state of Oregon in the US, was commissioned in the 1Q2009 with a 97 MW installed capacity and was EDPR’s first eligible project to receive the cash grant from the Treasury in lieu of tax credits, pursuant to the American Recovery and Reinvestment Act of 2009.

The first round of cash grant awards approved today confirms the success of the new grant program for the renewables (alternatively to the previous tax credits mechanism) and constitutes a major positive development in the US wind market.