Before 2017 came to a close, EDP Renewables North America LLC (EDPR), a fully owned subsidiary of EDP Renováveis S.A., completed two institutional partnerships in the U.S. in the amount of $507 million.
For wind, 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 – 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 Indiana, Oklahoma, Wisconsin and Ohio, respectively, and have previously secured long-term power purchase agreements (PPAs).
For solar, EDPR closed a $67.6 million funding of tax equity financing in exchange for an interest in three solar plants totaling 60 MW and installed in December. The projects, located in South Carolina, have also previously secured long-term PPAs.
According to the company, the institutional partnership structures enable an efficient use of the fiscal benefits to be generated by the projects. These are EDPR’s first transactions closed after the U.S. tax bill was signed into law.