E.ON has secured tax equity financing of its 305.8 MW Radford’s Run wind farm in Macon County, Ill.
Allianz Renewable Energy Partners of America and Bank of America Merrill Lynch provided tax equity financing in exchange for a partial interest in Radford’s Run. The project achieved commercial operation and closing of tax equity in December.
“We are pleased to bring together Bank of America Merrill Lynch and Allianz with our Radford’s Run wind farm on this – our largest tax equity transaction to date,” says Dr. Verena Volpert, senior vice president of group finance for E.ON SE.
Located in Macon County near Decatur, Ill., Radford’s Run comprises 139 Vestas V110 turbines, creating enough electricity to power approximately 100,000 homes. Since 2007, E.ON has developed more than 3.6 GW of wind projects in the U.S.
The project is named in memory of a longtime E.ON employee, Mike Radford, who passed away after battling cancer.
“Wind farms, such as Radford’s Run, provide much-needed immediate and long-term economic benefits through temporary and permanent jobs and increased tax revenue to the local area,” says Patrick Woodson, chairman of E.ON North America. “We appreciate the support of landowners, local officials and the community at large on this project and feel this development is a fitting tribute to our friend and colleague Mike Radford.”
A team of over 300 construction workers completed the Radford’s Run project, and 21 personnel, including technicians, are stationed on-site day-to-day. During the next 25 years, Radford’s Run is projected to generate more than $46 million in property taxes for Macon County. This additional revenue will support essential county services and local schools, says E.ON.