EDPR banks $500m for RE spree
Finance deals closed for wind farms and PV plants totalling 423MW
EDP Renewables North America has closed two financing deals in the US totalling $507m for four wind farms and three solar plants with a combined capacity of 423MW.
Bank of New York Mellon is providing tax equity funding of $439.6m in exchange for an interest in the 100MW Meadow Lake 5, 99MW Redbed Plains, 98MW Quilt Block and 66MW Hog Creek wind farms.
The projects, which all have long-term power purchase agreements (PPAs) in place, are located in Indiana, Oklahoma, Wisconsin and Ohio respectively.
The bank had provided $115m of the money in September 2017, EDPR said.
The company also closed $67.6m tax equity financing with an unnamed institution in exchange for an interest in three solar plants totalling 60MW in South Carolina.
All three projects have secured long-term PPAs, it added.
EDPR said: “The institutional partnership structures established enables an efficient utilisation of the fiscal benefits to be generated by the projects.”