EDP Renovaveis signs over EUR 100m project finance for wind farm in Brazil

Jul 26, 2011 - Portuguese green power company EDP Renovaveis (ELI:EDPR) has signed a project finance deal worth BRL 228 million (USD 148.1m/EUR 102.1m) with Brazilian development bank BNDES.

The company expects to receive the money in the third quarter of 2011.

The long-term financing targets a project for a wind farm with a 70-MW capacity in Tramandai, in Brazil's southern state of Rio Grande do Sul, EDP Renovaveis said in a filing with Portugal's bourse regulator CMVM yesterday.

The farm has been operating since May 2011, Diogo Cabral from the Investor Relations department at EDP Renovaveis said.

The company now has an 84-MW installed capacity in Brazil and does not plan new investments in the near future, he added. EDP Renovaveis will first focus on the completion of ongoing projects.

The company intends to focus on the markets in Brazil and Canada as of 2013. Before that, the firm will have to consolidate its investments in Europe and the USA. EDP Renovaveis is holding talks on project finance contracts for various wind farms in Spain and Belgium.

(BRL 1 = USD 0.649/EUR 0.448)

Choose your newsletter by Renewables Now. Join for free!