US grants Portugal’s EDP Renováveis US$525 million tax credit

30 December 2009

Lisbon, Portugal, 30 Dec – The United States Administration this year granted Portuguese renewable energy company EDP Renováveis US$525 million in tax credits for setting up wind farms in the US, the company said in a filing with Portuguese sock market regulator, CMVM.

The credit was distributed as follows: US$216 million via a cash grant for 398 megawatts, US$192 million and a further US$117 million via institutional agreement structures, related to 202 megawatts and 99 megawatts, respectively.

EDP Renováveis, via its subsidiary Horizon Wind Energy LLC (Horizon) signed an agreement with JPM Capital Corporation for tax equity funding of US$90 million. This amount is related to the Lost Lakes wind farm in Iowa, which went into operation at the beginning of December and the installed capacity of which is 101 megawatts.

In 2009 EDP Renováveis concluded the installation of 700 megawatts of generation capacity in the US. (macauhub)