BayWa r.e. has completed construction and achieved financial close of the Amadeus Wind project in Texas. Amadeus is the largest onshore wind project completed to date in BayWa r.e.’s global portfolio.
Located northwest of Abilene in Rotan, the 250 MW wind farm has begun selling power into the grid. Amadeus consists of 96 GE wind turbines deployed across nearly 25,000 acres of federal, state and privately held lands. Over the lifetime of the plant, it will provide millions of dollars in tax benefits to the local community.
“We are grateful to all the stakeholders that worked hard to make this project a success, despite this year’s profound global challenges,” says Florian Zerhusen, CEO of BayWa r.e. Wind LLC.
Commerzbank, one of Germany’s largest financial institutions, financed the construction loan for the project. Morgan Stanley is purchasing the energy from the plant under the terms of a 10-year hedge agreement. The tax equity funding was provided by BHE Renewables while Fengate has taken a cash equity position and will jointly own the wind farm with BayWa r.e., which will continue to manage the asset.
Despite the challenges presented by the COVID-19 pandemic, U.S. wind installations are on pace for a record year, according to the latest market data from the American Wind Energy Association (AWEA). Annual installations were up 72% year-over-year through the end of the third quarter. AWEA cites strong market fundamentals and consumer demand as the main drivers of U.S. wind development, with wind offering the most affordable source of new electricity generation in many parts of the country.