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.
About E.ON
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.
allianzcapitalpartners.com
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.
MEDIA CONTACT:
Kevin Gresham, VP, Government
Relations & External Affairs, E.ON North America
512.695.0920, Kevin.Gresham@eon.com
Mani Pillai, External
Communications, Allianz Capital Partners
+44 7881 8660 59
mani.pillai@allianzcapitalpartners.com
State Street
Julie Kane, State Street, +1 617 664
3001
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SOURCE E.ON Climate & Renewables North America