EDP Renováveis fully closes Vento III institutional partnership structure
EDP Renováveis, S.A. ("EDPR"), a subsidiary 77.5% controlled by EDP and listed in the Euronext Lisbon Stock Exchange, through its fully owned US subsidiary Horizon Wind Energy LLC, has secured $141 million of institutional equity financing from Wells Fargo Wind Holdings LLC in exchange for an interest in the Vento III portfolio.
EDP Renováveis, S.A. ("EDPR"), a subsidiary 77.5% controlled by EDP and listed in the Euronext Lisbon Stock Exchange, through its fully owned US subsidiary Horizon Wind Energy LLC, has secured $141 million of institutional equity financing from Wells Fargo Wind Holdings LLC in exchange for an interest in the Vento III portfolio.
Vento III is a 604 MW portfolio of wind farms structured in December 2008 and consists of Rattlesnake Road (103 MW), Pioneer Prairie (300 MW), and Meridian Way (201 MW). $376 million was previously funded by JPM Capital Corporation, New York Life Insurance Co., New York Life Insurance & Annuity Corp., and GE Energy Financial Services.
With this new investment by Wells Fargo Wind Holdings LLC, EDPR has raised a total of $517 million through Vento III and closed all its funding needs. The transaction accelerates the monetization of tax benefits generated by the wind farms and improves the projects' economics.
EDP – Energias de Portugal, S.A.
Download
