Madrid, September 30th, 2019: EDP Renováveis, S.A. ("EDPR”), through its fully owned subsidiary EDP Renewables North America LLC, has secured the commitment for $421 million of institutional equity financing from Bank of America, in exchange for an interest in a 405 MW wind onshore portfolio. The projects are located in the state of Illinois and have previously secured long-term sales agreements.
Under the agreement, funding will take place close to the start of operations of each project, which is scheduled for the fourth quarter of 2019 and first quarter of 2020.
The institutional partnership structure established enables an efficient utilization of the fiscal benefits to be generated by the project.
EDP Renováveis, S.A.