Allianz and State Street Corporation have today announced tax equity financing in exchange for partial interest in the Colbeck’s Corner LLC Wind Farm ("Colbeck’s Corner") owned by E.ON Climate and Renewables in North America LLC ("EC&RNA").
Located in Carson and Gray counties, 37 miles east of Amarillo, Texas, Colbeck’s Corner is a 200.48 megawatt wind farm. Colbeck’s Corner has 112 GE 1.79-100 turbines that can create enough electricity to power approximately 64,000 homes.
This investment presents Allianz the opportunity to add to its growing US wind farm tax equity portfolio in partnership with a strong owner-operator and alongside an experienced tax equity co-investor.
"Allianz is delighted to be partnering with E.ON and State Street on the Colbeck’s Corner wind project. We look forward to co-operating to ensure the success of the project and, hopefully, to working together on other investments in future," said David Jones, Head of Renewables at Allianz Capital Partners.
In the United States, renewables are incentivized through tax benefits based on production rather than premium electricity prices, as they are in Europe, and Allianz’s strong position in insurance and asset management in the U.S. enables it to participate in this sector.
"We are delighted to partner with Allianz and State Street on the Colbeck’s Corner transaction," said Dr. Verena Volpert, Senior Vice President, Group Finance, E.ON SE. "EC&RNA produces quality renewable energy projects which continue to attract strong interest from established investors such as Allianz and State Street."
A team of nearly 240 construction workers completed the Colbeck’s Corner project and 16 personnel, including skilled technicians, are stationed on-site day-to-day. During the next 25 years, Colbeck’s Corner is projected to generate more than $32 million in property taxes combined for Carson and Gray counties. This additional revenue will support essential county services and local schools.
In February this year, Allianz announced its first ever wind investment in the United States with two wind farms in New Mexico. Allianz has now invested in a total of 64 wind farms and 7 solar parks located in France, Germany, Italy, Sweden, Austria, Finland and the United States.