September 19 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR), or EDP Renewable, announced today it has secured USD 267.5 million (EUR 229.1m) in tax equity financing from a unnamed financial institution for wind projects in the US.
Through its subsidiary EDP Renewables North America LLC, the company secured funds in exchange for an interest in the 78-MW Arkwright and the 199-MW Turtle Creek wind farms, located in the states of New York and Iowa, respectively. The parks have in place long-term power purchase agreements (PPAs).
The USD 74.2 million in financing for the Arkwright project has been secured, while financing for Turtle Creek will be closed near the start of operation, which is expected before the end of 2018, EDPR stated.
The Arkwright Summit Wind Farm will have four Vestas V110 2 MW and 32 pieces of Vestas V110 2.2 MW turbines, according to the project website. Turtle Creek will use 40 Vestas V136 3.6 MW and 16 Vestas V136 3.45 MW turbines.
(USD 1 = EUR 0.86)