September 1, 2014 - EDP Renováveis, S.A. through its fully owned subsidiary EDP Renewables North America LLC, has secured a $33 million commitment of institutional equity financing in exchange for an interest in the 30MW Lone Valley solar PV project, located in the State of California. Lone Valley is EDPR's first solar project in North America, being currently under construction and expected to be commissioned in the 4Q14.
The Lone Valley solar project will sell its output through two 20-year Power Purchase Agreement ("PPA") with Southern California Edison Company.
The institutional partnership structure established enables an efficient utilization of the fiscal benefits generated by the project and improves the project's economics.