EDP Renewables (EDPR) has executed a project finance structure agreement for its first wind farm in Canada. The 30 MW South Branch project, located in Ontario, has secured a 20-year feed-in tariff awarded by the Ontario Power Authority.
The long-term contracted debt facility amounts to C$49 million, and the funding is expected to occur during the first quarter of this year. EDPR says its financing strategy is to contract long-term debt in local currency at competitive prices in order to mitigate the refinancing risk and to reduce the foreign exchange risk by having a natural hedge between revenues and costs.
With the successful execution of its first wind project in Canada, EDPR says its portfolio includes projects in 11 markets around the world, with the other 10 being the U.S., Spain, Portugal, France, Belgium, Poland, Romania, the U.K., Italy and Brazil.