EDPR secures tax-equity financing for U.S. wind & solar projects

EDPR wind farm

EDPR completed a $439.6 million funding of tax-equity financing for multiple U.S. wind farms.

EDP Renováveis, S.A. (EDPR), through its fully owned subsidiary EDP Renewables North America LLC, has completed two institutional partnerships in the U.S. The total amount for all of its 2017 projects is $507 million, and includes the following.

• Wind farms (363 MW). EDPR completed a $439.6 million funding of tax-equity financing from Bank of New York Mellon (of which $115 million had already been funded in September 2017), in exchange for an interest in the 100-MW Meadow Lake V, 99-MW Redbed Plains, 98-MW Quilt Block, and 66-MW Hog Creek.

The projects are located in the state of Indiana, Oklahoma, Wisconsin and Ohio respectively, and have previously secured long-term Power Purchase Agreements;

Solar plants (60 MW). EDPR closed a $67.6 million funding of tax-equity financing in exchange for an interest in three solar plants totaling 60 MW (installed in December 2017). The projects are located in the state of South Carolina and have previously secured long-term Power Purchase Agreements.

These are EDPR’s first transactions closed after the 2017 U.S. Tax Bill being passed and signed into law. The institutional partnership structures established enables an efficient use of the fiscal benefits to be generated by the projects.

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