Portuguese renewable energy company EDP Renewables has taken on a loan of 306 million reais with the National Bank for Economic and Social Development of Brazil (BNDES) to build four wind farms in the state of Rio Grande do Norte, the company said in a statement.

In a statement issued by the Portuguese Securities and Exchange Commission (CMVM), the company said it had contracted financing “for the Baixa do Feijão project, comprising four wind farms with a total capacity of 120 megawatts.”

The Baixa do Feijão project, which is currently under construction, is located in the State of Rio Grande do Norte, one of the windiest places in Brazil.

The execution of this operation “reflects the EDPR financing strategy based on long-term debt contracts in local currency at competitive prices, with the aim of minimising the risks of refinancing and reduce exchange rate risk.”

In December 2011, in the Brazilian A-5 energy auction, EDPR secured 20-year Power Purchase Agreements starting in January 2016 for the four wind farms.