EDPR finances first Canada project

EDP Renewables has completed an agreement to finance the 30MW South Branch project in Ontario, the developer’s first wind farm in Canada.

The long-term contracted debt facility amounts to C$49m ($44.68m) with the funding expected to occur during this quarter.

EDPR says its financing strategy is to contract long-term debt in local currency at competitive prices in order to mitigate the refinancing risk, and to reduce FX risk by having a natural hedge between revenues and costs.

The South Branch project located has secured a 20 year feed-in tariff awarded by the Ontario Power Authority.

Canada is the 11 market globally where EDPR has a wind project.