EDP Renewables North America has secured over $267m in equity finance from an unnamed financial institution in exchange for interests in the 78MW Arkwright and 199MW Turtle Creek wind farms in the US states of New York and Iowa, respectively.
The company has completed the $74.2m funding for Arkwright, with the remaining $192.8m financing for Turtle Creek to be done by the start of project operations at the end of the year, EDPR said.
The company said both projects have long-term sales agreements, but did not give any further details.
“The successful execution of an institutional partnership structure for 2018 projects positions EDPR as a quality sponsor capable of delivering growth based on long-term contracts and securing value accretive institutional funding,” EDPR said.