Dec 29 2009
An agreement to secure $90 million of institutional equity financing was signed by EDP Renovaveis through its subsidiary unit, Horizon Wind Energy LLC. This financing is provided by JPM Capital Corporation in exchange for a partial interest in EDP Renovaveis’ 101 megawatt Lost Lakes Wind Farm that was installed at Dickinson County, Iowa in December 2009.
The investor, through the institutional equity investment will be provided with an access to the cash grant and the accelerated asset tax depreciation benefits. The Lost Lakes project will apply pursuant to the American Recovery and Reinvestment Act of 2009.
This Lost Lake transaction is the second institutional equity transaction with JPM Capital Corporation by EDP Renovaveis, which comprises cash grant instead of production tax credits. Improvements in the company’s financial status and the project’s economics are also brought about by EDP Renovaveis through the Lost Lakes transaction.
Source: http://www.horizonwind.com/