The institutional equity investment will provide the investor with access to the accelerated asset tax depreciation (MACRS) benefits and to the cash grant, which the Lost Lakes wind power project will apply for pursuant to the American Recovery and Reinvestment Act of 2009.
The Lost Lakes transaction will represent EDP Renovaveis’ second institutional equity transaction with JPM Capital Corporation that incorporates the cash grant in lieu of production tax credits, and through it EDPR will improve the project’s economics and the company’s fiscal efficiency.
Horizon Wind Energy: With over 20 offices and 22 wind farms across the United States, Horizon Wind Energy has developed more than 3,400 MW and operates over 2,800 MW of wind farms.
Horizon is owned by EDP Renovaveis S.A. ("EDPR"), a global leader in the renewable energy sector. EDPR has undergone exceptional development in recent years. Its installed capacity increased four-fold between 2005 and 2007, becoming the third largest wind energy company in the world. EDPR is listed on the Euronext Lisbon Stock Exchange.
Energias de Portugal, S.A. ("EDP"), the parent company of EDPR, is a vertically-integrated utility company, headquartered in Lisbon, Portugal. Through its various constituent businesses, EDP holds significant electricity and gas operations in Europe, Brazil, and the United States.
