San Diego-based BayWa r.e. Wind LLC has secured a tax equity investment for its 19.8 MW Brahms wind project from an affiliate of San Francisco-based Union Bank N.A.
BayWa r.e. self-funded the development and construction of the wind farm, which is located in Curry County, N.M., and achieved commercial operation on Feb. 7. In addition to Brahms, BayWa r.e. says it has constructed, owns and operates two wind projects in Texas and California.
"This is a very important milestone for our company," notes Florian Zerhusen, CEO of BayWa r.e.'s U.S. wind business. "Since BayWa's takeover two-and-a-half years ago, we have self-funded all of our projects, and this marks our first tax equity financing. Going forward, we intend to continue to access the tax equity market as well as other forms of project finance to build out our pipeline."
Morrison & Foerster represented BayWa r.e. Wind LLC in securing the tax equity investment.