EDP Renovaveis Gets $141 Million for Wind Power Projects

EDP Renováveis, S.A. (“EDPR”), 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 wind farm (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 Renováveis S.A. (“EDPR”) and Vestas Wind Systems A/S (“Vestas”) signed a global master supply agreement (“MSA”) for the delivery of up to 2,100 MW of wind turbines. The agreement between EDPR and Vestas, two top leaders in the wind power industry, represents the largest wind turbine deal announced worldwide over the past two years.

EDP Renováveis intends to expand its core business through the successful execution and operation of its portfolio of wind energy projects. Its intention is to leverage and apply its know-how and experience, honed by its significant experience and proven history in identifying and developing greenfield projects and those in the pipeline and earmarked for the future, in order to execute these projects and achieve its goals.

The EDP Group is EDP Renováveis’s major shareholder. The EDP Group is Portugal’s largest industrial group and one of Europe’s main energy companies. It is currently the Iberian Peninsula’s third largest energy operator, holding business interests in the generation, distribution and supply of electricity and gas in Portugal and in Spain. Besides its leadership position on the Iberian Peninsula, the EDP Group also holds a significant position in the Brazilian electricity sector.