EDP Renovaveis SA, through its fully owned subsidiary Horizon Wind Energy LLC, has signed an agreement to secure $90 million of institutional equity financing from JPM Capital Corp. in exchange for a partial interest in its 101 MW Lost Lakes Wind Farm, which was installed this month in Dickinson County, Iowa.
The institutional equity investment will provide the investor with access to the accelerated asset tax depreciation benefits and to the cash grant for which the Lost Lakes project will apply, pursuant to the American Recovery and Reinvestment Act of 2009.
The Lost Lakes transaction will represent EDP Renovaveis' second institutional equity transaction with JPM Capital Corp. that incorporates the cash grant in lieu of production tax credits.
SOURCE: Horizon Wind Energy
