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EDP Renewables to sell tax equity stake in 2 wind projects in Illinois

EDP Renewables North America LLC plans to sell 100% of the class B nonmanaging membership interests in two wind projects in Illinois to BAL Investment & Advisory Inc. and potentially one or more unidentified investors.

The tax equity transaction involves the roughly 200-MW Broadlands project in Douglas County and the 205-MW Lexington Chenoa project in McLean County. Broadlands is expected to achieve commercial operation in January 2020 and Lexington Chenoa is expected to enter operations in November 2019. The parties requested that Federal Energy Regulatory Commission approve the transaction on or before July 22.

Broadlands will be interconnected to the transmission system owned by Ameren Illinois Co. and operated by Midcontinent ISO. Lexington Chenoa will be interconnected to the transmission system owned by Commonwealth Edison Co. and operated by PJM Interconnection.

Upon closing, EDP Renewables will continue to indirectly own 100% of the class A managing membership interests in the wind projects, and retain day-to-day control, according to a May 23 FERC filing. Financial terms of the transaction were not disclosed.

EDP Renewables is a subsidiary of EDP Renováveis SA, which in turn is majority owned by EDP-Energias de Portugal SA. BAL Investment & Advisory is a subsidiary of Bank of America Corp. (FERC docket EC19-92)