Allianz Capital Partners and Mitsubishi UFJ Financial Group have partnered to invest $340 million in a 300MW wind project under construction in Oklahoma.
The two groups agreed to back the Red Dirt wind farm, a $420 million project under development by Italian utility Enel that is contracted to sell power to T-Mobile USA and a local utility when operations begin at the end of this year. Allianz and MUFG said they will purchase all the project’s class B shares and Enel will retain class A shares.
Oklahoma has some of the highest wind potential in the US, supported by a state government that in April cut wind energy tax credits to $.005kWh.
Enel has developed more than 1GW of wind capacity in Oklahoma. The company ranks as the second largest wind operator in the state and is currently developing another project that will generate 298MW.
Allianz and MUFG partnered for a similar investment in February, backing a 225MW wind project being developed by EDF Renewable Energy. Allianz now holds more than €3.5 billion in renewables investments, including four wind projects in the US and 70 in Europe.