EDP Renováveis, S.A. (EDPR), through its fully owned subsidiary EDP Renewables North America LLC, has secured US$267.5 million of institutional equity financing from a leading financial institution in exchange for an interest in the 78 MW Arkwright and 199 MW Turtle Creek wind farms.
The projects are located in the state of New York and Iowa, respectively, and comprised of 36 and 58 turbines. Both have previously secured long-term sales agreements.
The agreement completes funding of the Arkwright project, which totals US$74.2 million. Turtle Creek funding will be completed closer to the start of operations of the project, which is scheduled to occur before the end of 2018.
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