Allianz invests in EDF wind farm in Illinois

Image Credit: Chrishna, Flickr Creative Commons

Allianz has invested tax equity in the Kelly Creek wind project developed and owned by EDF Renewable Energy (EDF RE), one of the leading wind project developers in the United States. Allianz is the sole tax equity partner in the project.

The Kelly Creek wind project is located in Ford and Kankakee Counties, Illinois, approximately 115km southwest of Chicago. The 184 megawatt wind farm employs 92 Vestas 2.0MW V100 turbines capable of generating enough electricity to power 78,000 average Illinois homes.

This investment adds to Allianz’ growing US wind farm tax equity portfolio in partnership with an experienced owner-operator.

"The US offers a very attractive framework for wind investments. With these kinds of investments we can offer stable and uncorrelated returns to Allianz even in the current low interest environment," said David Jones, Head of Renewables at Allianz Capital Partners. "This is the second project that Allianz has invested in alongside EDF RE and we are looking forward to co-operating together to ensure the success of this wind park."

"We are enthusiastic for the opportunity to partner again with Allianz in support of their growing US portfolio of wind energy projects," said Jim Peters, Vice President of Project Finance for EDF RE. "We appreciate Allianz’ continued confidence in the well-structured nature of our projects that prove attractive for infrastructure investment."

With its third wind investment in the United States, Allianz is further expanding its renewables portfolio and has now invested in a total of 73 wind farms and 7 solar parks located in Austria, Finland, France, Germany, Italy, Sweden and the United States.

The wind and solar parks of Allianz generate enough renewable energy to supply over a million households, which is comparable to a city the size of central Paris.

Image Credit: Chrishna, Flickr Creative Commons