Allianz and Bank of America Merrill Lynch have committed the tax equity for two wind farms developed by wind developer EDF Renewable Energy.
The two projects include the 250-MW Roosevelt and the 49.65-MW Milo wind farms adjacently located in Roosevelt County, New Mexico. The combined 150 wind turbines produce enough clean, renewable energy to power approximately 170,000 New Mexico households. Both projects are operational.
By investing in these two wind projects, Allianz has internationalized its renewables initiative beyond its European base, and takes its total investment to over three-billion dollars of equity investments in wind and solar assets.
“This investment is a significant first step for us in the U.S. market and, with the renewal of the Production Tax Credit legislation, we hope to be making further investments in the near and medium term,” said David Jones, Head of Renewables at Allianz Capital Partners. “We are very pleased to be working with such a strong team of experienced partners in BofA Merrill Lynch and EDF RE and we look forward to making these projects a success and, hopefully, to working together on other projects in the future.”
With this investment, Allianz now has 60 wind farms and seven solar parks located in France, Germany, Italy, Sweden, Austria, Finland, and now also in the United States.
“Bank of America Merrill Lynch is pleased to partner with both Allianz Capital Partners, in its first U.S. wind-power tax equity investment, and with EDF Renewable Energy on this important wind power development in New Mexico,” said Todd Karas, Head of Renewable Energy Finance at BofA Merrill Lynch.
He added: “We believe the financial services sector is in a unique position to help and provide the much needed capital and financing to accelerate a low-carbon economy. Our $125 billion environmental business initiative demonstrates that commitment through lending, investing, capital raising, advisory services and developing financing solutions.”