E.ON Climate & Renewables North America (EC&RNA), Allianz Capital Partners and State Street Corp. on May 25 announced tax equity financing in exchange for partial interest in the Colbeck’s Corner LLC wind farm project in Texas.
Located in Carson and Gray counties, 37 miles east of Amarillo, Texas, Colbeck’s Corner is a 200.48-MW wind farm. Colbeck’s Corner has 112 General Electric 1.79-100 turbines. EC&RNA has developed more than 3 GW of wind projects in the United States since 2005.
“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.”
“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.
“Wind farms such as Colbeck’s Corner produce clean, reliable, and affordable homegrown American energy for many years,” said Patrick Woodson, Chairman, EC&RNA. “Equally important, projects like these create much needed immediate and long-term economic impact through temporary and permanent jobs and increased tax revenue to rural areas.”
A team of nearly 240 construction workers completed the Colbeck’s Corner project for E.ON, 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.
E.ON’s Colbeck’s Corner LLC told the Public Utility Commission of Texas in a Feb. 9 registration statement that all of the turbines at this wind farm are due for commercial operation between March 1 and July 1 of this year.
E.ON is one of the world’s largest energy companies serving 33 million customers with power, gas, heat and energy solutions. E.ON, headquartered in Germany, plays a leading role in the development of the renewable industry worldwide and is already active in onshore and offshore wind as well as in photovoltaic. E.ON currently operates over 4.5 GW of renewable capacity including large hydro.
Allianz Capital Partners is the Allianz Group’s in-house investment manager for alternative investments. With offices in Munich, London, New York and Singapore, Allianz Capital Partners manages around EUR 14 billion of alternative assets.
State Street Corp. is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. State Street operates in more than 100 geographic markets worldwide, including the U.S., Canada, Europe, the Middle East and Asia.