EDP Renewables North America has landed a tax equity investor for a pair of wind projects with a variety of offtakers in Illinois.

Bank of America Merrill Lynch will provide the tax equity commitment for the 205.2 MW Lexington Chenoa Wind Farm, also known as Bright Stalk, in McLean County and the 199.8 MW Broadlands wind farm, also known as Harvest Ridge, in Douglas County. 

“Potentially one or more unidentified investors” could join Bank of America as tax equity co-investors, according to paperwork filed with the U.S. Federal Energy Regulatory Commission on May 23.

BAML and EDP signed a letter of intent for the tax equity investment on Jan. 28, according to the filing, which notes that it will be executed through EDP’s Vento XX tax equity financing vehicle.

Further details could not immediately be ascertained. Spokespeople for BAML in New York and EDP did not immediately respond to inquiries by press time.

The two wind farms are under construction, with Lexington Chenoa expected to be online in November of this year and Broadlands in January 2020.

Lexington Chenoa will sell 80 MW of its output to business software company Salesforce (PFR, 8/3/18) and 123 MW to Walmart under 15-year PPAs.

The Broadlands/Harvest Ridge project, meanwhile, will sell 100 MW to Wabash Valley Power Association under a 20-year PPA, 50 MW to Walmart for 15 years and 50 MW to "a company from the energy sector", also for 15 years, according to an announcement last September (PFR, 5/11/189/4/18).

Energia de Portugal EDP was recently the target of a takeover bid by China's state-owned China Three Gorges, which has built up a 23.27% interest in the Portuguese utility holding company. As a result, China Three Gorges holds an indirect 19.22% interest in EDP Renewables North America.

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