CARLSBAD, Calif., April 1, 2020 /PRNewswire/ -- BayWa r.e. Wind, LLC announces that it has secured a tax equity commitment from a consortium led by GE Energy Financial Services for its 250MW Amadeus Wind project located north of Rotan, Texas. The project has also executed a hedge agreement with Morgan Stanley and, in the most difficult market since the financial crisis of 2008, closed on a construction loan with Commerzbank. The project is already in construction and is expected to be placed in service in Q4 2020. BayWa r.e. has utilized 5% safe harbor equipment to qualify for the project for 100% PTC's.
Once operational, the project will deploy GE wind turbines across nearly 25,000 acres of federal, state and privately held lands, and could generate enough clean, renewable energy to power over 75,000 homes annually. Amadeus Wind is expected to reduce the need for power generated from fossil fuels and keep over 680,000 metric tons of carbon dioxide from being released into the air each year.
Due to the location of the project, Amadeus is expected to have little to no curtailment or basis risk. In line with its business model, the Company engaged Rubicon Advisors to divest its non-tax equity membership interests at COD and is being advised by Greenberg Traurig, LLP.
BayWa r.e. renewable energy GmbH (BayWa r.e.):
Across solar and wind, at BayWa r.e we r.e.-think energy – how it is produced, stored and best used. We are a leading global developer, service supplier, distributor and energy solutions provider.
We deliver renewable energy solutions worldwide, and have brought over 3 GW of energy online, while managing over 8.3 GW of assets. BayWa r.e is a leading supplier to the solar wholesale market. We also have a rapidly growing energy trading business.
Part of the €17 billion BayWa Group, every day we are working hard to find new solutions, push technological boundaries and actively shape the future of energy.
BayWa r.e. renewable energy GmbH Misty Chioffe Head of Marketing, Americas E-mail: [email protected]