The consortium that joined EDP, Engie from France and Japan Mitsubishi closed on Wednesday with funding of nearly € 3 billion to launch the largest offshore wind farm designed by EDP. This is the Moray Offshore park, which the consortium will build from Scotland, with a strength of 950 megawatts (MW).
EDP announced in a statement that 43.3% of the shares in the consortium it led had reached an agreement with a group of 16 banks to obtain funding of GBP 2.6 billion (of which EUR 2.1 billion and EUR 0.5 billion in other support ), equivalent to EUR 2.9 billion at the current exchange rate.
This operation received financial advice from Santander Spain. EDP did not specify the lenders, but only revealed that, in addition to 16 commercial banks, the Bank of Japan for International Cooperation and the Danish Export Credit Agency (EKF) was involved. As you can see, there is no Portuguese bank involved in this business.
This is one of the largest EDP group financing operations ever (although in this case funding will include the remaining project partners in Scotland). The last financing operation announced by EDP (on October 9) was based on the issuance of € 600,000,000 in debt securities, after in June the electricity company obtained another bonds of 750 million. Already in March this year EDP had contracted a 2.24 billion euro credit line, to replace other existing financing lines.
In 2007, to finance the purchase of US-based Horizon Wind Energy, EDP invested US $ 3 billion (2.2 billion euros at a later exchange rate), a transaction that significantly increased EDP group debt, but also increased electricity under leadership António Mexia, making it one of the largest wind energy producers in the world.
"This is a big step forward for this project, where the consortium has placed all its trust. Given its size and characteristics, a business of this size is an important milestone in financing renewable energy on a global scale," said EDP Renewables CEO João Manso Neto in the EDP statement.
EDP Renováveis currently operates in 13 markets. The Moray Offshore project is the oldest and largest EDP group offshore project. It began to be withdrawn in 2010 and March 2014 obtained a license from the Scottish government. In September 2017, a consortium led by EDP signed a contract with British authorities closing the price of 57.5 pounds per megawatt hour (MWh) to drain 950 MW of energy from the project, which is expected to start production in 2022.