Both have committed tax equity for two wind farms under development by EDF Renewable Energy, a U.S. wind farm developer.
The two farms – dubbed Roosevelt and Milo – are under development in Roosevelt County, New Mexico. Combined, they encompass 150 wind turbines that produce enough clean, renewable energy to power about 170,000 New Mexico homes.
This isn’t a new line of investment for Allianz, which also has 60 wind farms and 7 solar parks in France, Germany, Italy, Sweden, Austria and Finland.
By expanding into the U.S., Allianz’s renewables initiative now surpasses $3 billion of equity investments in wind and solar assets. The U.S. investment is possible because of tax benefit incentives based on production rather than premium electricity prices, as they are in Europe, Allianz said. The direct investment is through Allianz Capital Partners.
Allianz asserted that its “strong position in insurance and asset management in the U.S. enables it to participate in this sector.”