Allianz and MUFG, one of the world’s leading financial groups, have together invested tax equity in the Great Western wind park developed and owned by EDF Renewable Energy (EDF RE), one of the leading wind project developers in the United States.
The Great Western wind project is located in Ellis and Woodward Counties, around 200km north-north west of Oklahoma City. This 225 megawatt project is capable of producing enough clean, renewable electricity to power approximately 70,000 average Oklahoma households.
"We are delighted to partner with MUFG and EDF RE on this project. It is a valuable addition to our renewable energy portfolio, which now exceeds 3.5bn euros and offers a stable and uncorrelated return to Allianz," said David Jones, Head of Renewables at Allianz Capital Partners.
Lance Markowitz, Head of Leasing and Asset Finance at MUFG, said: "The Great Western wind farm is a great example of three organizations coming together to help create an energy project that will provide clean, competitively priced and affordable power to Oklahoma residents for many years to come. Further, this partnership is a clear illustration of MUFG’s strategy to be the leading financial solutions provider for renewable energy."
"The Great Western wind facility financing represents yet another investment in an EDF RE project by each of our partners,” said Jim Peters, Vice President of Project Finance for EDF RE. "We appreciate both the continued confidence in the well-structured nature of our projects as well as the partnership to bring these critical deals to fruition."
During the next 25 years, Great Western is projected to generate more than 25 million USD in property taxes for Ellis and Woodward Counties.
With the fourth tax equity investment in the United States, Allianz investments in the renewable energy sector exceed 3.5 billion euro, with a total of 74 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.