Bank of America provides tax equity financing for RWE project.
Peyton Creek facility (in Texas) expected to produce more than $30 million in local tax revenue.
U.S. key focus market for RWE with more wind farms coming into operation this year.
RWE Renewables has secured the successful tax equity financing of its 151-megawatt (MW) Peyton Creek wind farm in Matagorda County, Texas. A subsidiary of Bank of America granted tax equity financing for the Peyton Creek project. The project achieved commercial operation and closing of tax equity in the first quarter of 2020.
Silvia Ortin, COO Onshore Wind and Solar PV Americas, RWE Renewables:
"With this tax equity deal for our Peyton Creek Wind Farm, we are proud to be furthering our investment in the United States, one of our main strategic markets where we are determined to continue our growth in renewables."
"Our successful financing of this project showcases our commitment to the development of wind energy and positions us an industry leader in renewable energy," said Silvia Ortin, COO Onshore Wind and Solar PV Americas, RWE Renewables.
At its peak, a team of around 170 construction workers was on-site to complete the Peyton Creek project. Ten personnel, including skilled technicians, will be posted on-site day-to-day during operations. During the next 30 years, Peyton Creek is expected to generate more than $30 million in property taxes for Matagorda County. This additional revenue will support essential county services and local schools.
Peyton Creek wind farm is equipped with 48 Nordex 3.15MW turbines. The project can provide enough electricity to power more than 45,000 homes. With the Peyton Creek wind farm becoming operational, RWE's total installed operating wind generating capacity in the US is more than 4,000 MW (RWE's pro rata share is about 3,400 MW).
North America is one of the focus markets of RWE, with a strong development pipeline in the renewables business. The installed capacity in the U.S. accounts for more than one-third of the Group´s renewables capacity. As one of the largest renewables players worldwide RWE wants to invest a net €5 billion by 2022 in the continued expansion of renewable energy, with this having the potential to rise significantly through contributions from partners.
Further onshore wind farms in the U.S. are currently under construction, among others: The Cranell Wind Farm, a 220 MW facility in Refugio County, and Big Raymond, a 440 MW facility in Willacy, Cameron and Hidalgo counties, are both located in Texas. The Boiling Springs Wind Farm is a 150 MW wind farm and RWE´s first project in Oklahoma.
For more information, go to www.rwe.com/usa.
View the source version on PR Newswire: