Allianz Capital Partners and Bank of America (BofA) Merrill Lynch have jointly invested in two EDF Renewable Energy (EDF RE) wind parks in New Mexico.
The two operational projects, Roosevelt (250 MW) and Milo (49.65 MW), are adjacently located in Roosevelt County. The combined 150 turbines produce enough clean energy to power approximately 170,000 New Mexico households, says Allianz, adding that this investment internationalizes the firm’s renewables initiative beyond Europe.
Allianz, headquartered in Munich, Germany, says it now invests in 60 wind farms and seven solar parks in France, Germany, Italy, Sweden, Austria, Finland and the U.S.
“This investment is a significant first step for us in the U.S. market, and with the renewal of the production tax credit legislation, we hope to be making further investments in the near and medium term,” explains David Jones, head of renewables at Allianz Capital Partners.
Todd Karas, head of renewable energy finance at BofA Merrill Lynch, adds, “Bank of America Merrill Lynch is pleased to partner with both Allianz Capital Partners in its first U.S. wind power tax equity investment and with EDF Renewable Energy on this important wind power development in New Mexico. We believe the financial services sector is in a unique position to help and provide the much-needed capital and financing to accelerate a low-carbon economy.”