Allianz, Capital One back New Mexico wind farm

The German firm’s tax equity investment of close to €150m marks its fifth US wind deal since last February.

Allianz Capital Partners and Capital One have each invested tax equity in New Mexico’s 324MW Broadview wind farm.

The Broadview project, consisting of two wind farms near the state’s border with Texas, was purchased last month by Pattern Energy, which paid $269 million for an 84 percent interest in the wind farms and an associated transmission line. Details of the equity investment were not released, but a source familiar with the deal told Infrastructure Investor that Allianz invested approximately €150 million.

The firm has recently been active in the US wind market, making tax equity investments in wind farms in Oklahoma and Illinois earlier this year. It is attracted to the projects due to their large size and the stable regulatory framework, according to Allianz Capital Partners head of renewables David Jones.

“In just over a year we have invested in five wind projects in the US and are pursuing more investments in the sector,” he noted. Allianz’s portfolio in Europe includes 76 wind farms and seven solar parks.

The Broadview wind farm, located 30 miles north of Clovis, New Mexico, consists of 141 Siemens wind turbines, with 2.3 MW output each. Broadview has entered into two 20-year power purchase agreements.