Allianz and Capital One are investing tax equity in the recently completed Broadview Wind Farm, located along the New Mexico-Texas border. The wind project is owned by Pattern Energy Group Inc. ("Pattern Energy").
Broadview consists of two similarly large wind farms with a total capacity of 324.3MW situated along the New Mexico-Texas border around 100 miles south west of Amarillo. The larger wind farm has a capacity of 181.7MW and consists of 79 turbines. The 62 turbines of the smaller wind farm are located in Curry County, New Mexico and have a capacity of 142.6MW.
"In just over a year we have invested in five wind projects in the US and are pursuing more investments in the sector. That reflects the attractiveness of these investments due to their large project size and a stable regulatory framework," said David Jones, Head of Renewables at Allianz Capital Partners.
"We are pleased to work with Pattern Energy and our co-investors to provide affordable and sustainable energy to the southwestern United States," said George Revock, Managing Director and Head of Alternative Energy and Project Finance at Capital One Bank. "This renewable energy investment also supports Capital One's sustainable energy initiative."
The construction of the wind farm was commenced in the summer of 2016 and it entered commercial operation in March 2017. The power produced by these wind farms is distributed and purchased by Southern California and can approximately cover the energy usage of 180,000 Californian households.
With this transaction Allianz adds the fifth tax equity investment in the United States to its European renewables portfolio including a total of 76 wind farms and 7 solar parks.