EDP Renovveis has secured US$240 million of institutional equity financing from an affiliate of Google Inc. in exchange for an interest in the 199-MW Waverly wind project located in Kansas, US.
The project, currently under-construction, will sell its entire output through a 20-year power-purchase agreement. Under the agreement, Google will invest its funds close to the project’s start of operations, which is due by the end of 2015.
The institutional partnership structure established with Google is EDPR’s largest institutional partnership structure with just one underlying project.