Madrid, December 21st 2018: EDP Renováveis, S.A. ("EDPR”), through its fully owned subsidiary EDP Renewables North America LLC, has secured $400 million of institutional equity financing, from Citigroup Global Markets and an undisclosed financial institution, in exchange for an interest in the 200 MW Meadow Lake VI and 199 MW Prairie Queen. The projects are located in the state of Indiana and Kansas respectively. Both projects have previously secured long-term sales agreements.
Under the agreement, funding of Meadow Lake VI project, which totals $193.5 million, is already completed and Prairie Queen funding will be completed closer to the start of operations of such project, which is scheduled to occur in the first half of 2019.
The successful execution of an institutional partnership structure for 2018/19 projects positions EDPR as a quality sponsor capable of delivering growth based on long-term contracts and securing value accretive institutional funding.
EDP Renováveis, S.A.