CHICAGO, May 25, 2016 /PRNewswire/ -- E.ON Climate & Renewables North America (EC&RNA), Allianz Capital Partners (Allianz), and State Street Corporation (State Street) today announced tax equity financing in exchange for partial interest in the Colbeck's Corner, LLC Wind Farm (Colbeck's Corner).
"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.
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. EC&RNA has developed more than 3 gigawatts of wind projects in the United States since 2005.
"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. We appreciate the assistance of our landowners and area officials leading up to the commercial operation of Colbeck's Corner."
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.
E.ON is one of the world's largest energy companies serving 33 million customers with power, gas, heat and energy solutions., with annual sales of €112 billion and more than 58,000 employees 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 gigawatts of renewable capacity including large hydro. Since 2007, E.ON has already invested more than €10 billion and will continue to expand the share of renewable energy in E.ON's power generation portfolio. It is E.ON's ambition to further industrialize the sector and professionalize its operations, in order to reduce the cost of renewable generation and make it ever more competitive. To this end, E.ON works with a wide range of partners and is always open to discuss potential cooperation with committed technical experts and financial investors alike. For more information, please visit www.eon.com.
About Allianz Capital Partners
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. The investment focus is on direct investments in infrastructure and renewable energy as well as private equity fund investments. ACP's investment strategy is targeted to generate attractive, long-term and stable returns while diversifying the overall investment portfolio for insurance companies of the Allianz Group.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $27 trillion in assets under custody and administration and $2 trillion* in assets under management as of March 31, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street's website at www.statestreet.com.
* Assets under management include approximately $33 billion as of March 31, 2016, for which State Street Global Markets, LLC, an affiliate of SSGA, serves as the distribution agent.
Kevin Gresham, VP, Government Relations & External Affairs, E.ON North America
Mani Pillai, External Communications, Allianz Capital Partners
+44 7881 8660 59
Julie Kane, State Street, +1 617 664 3001
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SOURCE E.ON Climate & Renewables North America