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EDP's Horizon Arm Feasts on $265 Million of Tax Equity for US Wind Farms

January 2, 2009
Source: New Energy Finance

Horizon Wind Energy, part of Portugal's EDP Renovaveis since 2007, has clinched $265 million of tax equity financing for US wind farms - despite the dearth of that type of capital since this autumn's financial crisis.

A short statement by the Portuguese parent company said that Horizon "agreed to carry out a transaction with a consortium of investors consisting of JPM Capital Corporation, New York Life Insurance Company and New York Life Insurance and Annuity Corporation", for investment in a portfolio of wind farms starting operation in 2008.

It added that $215 million of the tax equity would be made available before the end of December 2008, with the remaining $50 million following in January 2009.

No details were given on the wind farms involved or the terms of the tax equity finance. In general, tax equity has been much harder for US wind project developers to find in recent months, because of lower profitability at the financial firms that have traditionally supplied it and the disappearance from the market of some players, such as Lehman Brothers.

The average yield payable on tax equity finance has also increased sharply.