EDP Renováveis, S.A. (“EDPR”) announces the start of construction of 30 MW of its first solar photovoltaic (solar PV) in the United States. The projects, acquired in 2013 by EDPR in late stage of development from Lincoln Renewable Energy, have 20-year Power Purchase Agreements (“PPA”) with Southern California Edison and are expected to be installed in 2014. Located in Southern California, the projects benefit from some of the highest solar irradiance in the state and based on its prime locations, EDPR expects a load factor above 30%.
The Lone Valley Solar Project supports EDPR’s strategic agenda of selectively diversifying growth into new renewable technologies. EDPR already owns 50 MW of solar PV in Romania, installed in 2012 and 2013.
According to João Manso Neto, CEO of EDP Renováveis, “the company is consistently committed to those combinations of markets and technologies where we see a clear positive path in the future. This announcement once again serves to confirm our strategy in this regard.”
About EDP Renewables (EDPR)
EDP Renewables (Euronext: EDPR), headquartered in Madrid, Spain, is a global leader in the renewable energy sector and the world’s third-largest wind energy producer. With a sound development pipeline, first class assets and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 11 markets (Belgium, Brazil, Canada, Spain, the US, France, Italy, Poland, Portugal, the UK and Romania). Energias de Portugal, S.A. (“EDP”), the majority shareholder of EDPR, is a global energy company and a leader in value creation, innovation and sustainability. EDP is Portugal’s largest industrial group and the only Portuguese company to form part of the Dow Jones Sustainability Indexes (World and STOXX).