EDP Renovais (PK) (USOTC:EDRVF)
Historical Stock Chart

From Jun 2019 to Jun 2024

Portuguese renewable energy company EDP Renovaveis SA (EDPR.LB), or EDPR, Wednesday said its U.S. unit Horizon Wind Energy LLC has secured $101.9 million of institutional equity financing from JPM Capital Corp. for a wind park in Illinois.

In exchange for the financing, JPM Capital will gain a partial interest in the 100.5 megawatt generation capacity Rail Splitter wind farm, which was installed in June.

The institutional equity investment will provide the investor with access to the accelerated asset depreciation benefits and to a cash grant for renewable energy, EDPR said in a release.

The U.S. Treasury Tuesday approved $47.7 million for Horizon's 97 MW Wheat Field wind farm in Oregon. The grant is part of an initial $520 million in subsidies for renewable power approved by the U.S. government as part of the American Recovery and Reinvestment Act of 2009.

The grants are given in lieu of tax credits. The U.S. government expects to hand out $3 billion in grants, but hasn't established an upper limit yet.

-By Bernd Radowitz, Dow Jones Newswires; +34-91-395 8125; djmadrid@dowjones.com;