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The consortium that joins EDP, the French Engie and the Japanese Mitsubishi, closed Wednesday by funding nearly 3 billion euros for the launch of the largest offshore wind farm designed by EDP. This is the offshore Moray fleet, which the consortium will build off Scotland, with a capacity of 950 megawatts (MW).
EDP announced in a statement that its 43.3% stake in the consortium it runs had reached an agreement with a group of 16 banks to secure GBP 2.6 billion in financing ( of which EUR 2.1 billion) and EUR 0.5 billion in aid, or EUR 2.9 billion at the current exchange rate.
This operation had the financial advice of the Spanish Santander. EDP did not specify the founders, but only revealed that besides the 16 commercial banks, the Japanese Bank for International Cooperation and the Danish Export Credit Agency (EKF) were involved. As you can see, no Portuguese bank is involved in this activity.
This is one of the largest funding transactions ever undertaken by the IT group (although in this case the funding will include the remaining project partners in Scotland). The last financing transaction announced by EDP (October 9) was based on the issuance of debt securities for an amount of € 600 million. After the electricity company obtained in June another bond loan of 750 million euros. Already in March of this year, EDP contracted a € 2.24 billion line of credit to replace another existing line of financing.
In 2007, to finance the purchase of the American company Horizon Wind Energy, EDP invested 3 billion USD (2.2 billion euros at the exchange rate in effect on that date), a transaction that significantly increased the group's debt. EDP, but has also increased electric power under the chairmanship of António Mexia, making it one of the world's largest producers of wind energy.
"This is a huge step forward for this project, in which the consortium has put its trust in. Given its size and characteristics, a company of this size is an important step in the financing of renewable energies. Global scale, "said João Manso Neto, CEO of EDP Renewables, in the EDP statement.
EDP Renováveis is currently present in 13 markets. The Moray Offshore project is the oldest and most important offshore wind project of the EDP Group. It began to be used in 2010 and in March 2014 he obtained a license from the Scottish Government. In September 2017, the consortium led by EDP signed a contract with the British authorities for a contract price of 57.5 pounds per megawatt hour (MWh) to drain the project's 950 MW of energy, the production of which should be start in 2022.
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