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Allianz, MUFG back 225MW Oklahoma wind farm

The two financial groups have invested tax equity in the Great Western wind park, which is owned by EDF and provides power to Google under a power purchase agreement.

A 225MW Oklahoma wind park has drawn tax equity investment from Allianz Capital Partners and Mitsubishi UFJ Financial Group.

The two groups invested together in the Great Western wind park, which was built last year and began commercial operation in December. Developed and owned by EDF Renewable Energy, the wind farm’s entire power output goes to Google under a power purchase agreement.
Financial terms of the deal were not disclosed.

ACP, a Munich-based investment manager, has recently been active in the US renewable sector, investing last month in a wind farm in Illinois. It made its first foray into American renewables last February, investing in two wind farms in New Mexico.

Allianz now holds €3.5 billion in renewables investments, including four wind farms in the US and 70 in Europe. David Jones, head of renewables at ACP, said renewables “offer a stable and uncorrelated return” and called the Great Western project “a valuable addition to our renewable energy portfolio”.

The Great Western project, located in Ellis and Woodward counties in Oklahoma’s panhandle, can power approximately 70,000 households, Allianz said. ACP, which also invests in infrastructure and private equity, manages about €16 billion in alternative assets.