EDP Renováveis, S.A. ("EDPR”), through its fully owned subsidiary EDP Renewables North America LLC, has secured $267.5 million of institutional equity financing from a leading financial institution in exchange for an interest in the 78 MW Arkwright and 199 MW Turtle Creek wind farms. The projects are located in the state of New York and Iowa respectively. Both projects have previously secured long-term sales agreements.
Under the agreement, funding of Arkwright project, which totals $74.2 million, is already completed and Turtle Creek funding will be completed closer to the start of operations of such project, which is scheduled to occur prior to the end of 2018.
The successfully execution of an institutional partnership structure for 2018 projects positions EDPR as a quality sponsor capable of delivering growth based on long-term contracts and securing value accretive institutional funding.