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E.ON secures tax equity financing for 305MW Radford's Run wind farm

EBR Staff Writer Published 02 February 2018

German energy developer E.ON has secured tax equity financing of its 305.8MW Radford's Run wind farm in the US from Allianz Renewable Energy Partners of America and Bank of America Merrill Lynch.

The two financial companies, in return of the tax equity financing, acquired a partial stake in the wind farm located in Macon County near Decatur, Illinois. The wind farm entered into commercial operation in December 2017.

The Radford's Run wind farm is made up of 139 Vestas V110 turbines, each of 2MW capacity. The wind farm can power up to 100,000 homes, said E.ON.

E.ON Group Finance senior vice president Verena Volpert said: “We are pleased to bring together Bank of America Merrill Lynch and Allianz with our Radford's Run Windfarm on this, our largest tax equity transaction to date.

“This agreement is a real credit to our team's ability to execute these kinds of transactions and to the strength and attractiveness of our portfolio.”

Construction of the Radford's Run wind project involved more than 300 workers. The wind farm is expected to deliver over $46m in the form of property taxes for Macon County.

E.ON North America chairman Patrick Woodson said: “Wind farms, such as Radford's Run, provide much needed immediate and long-term economic benefits, through temporary and permanent jobs and increased tax revenue to the local area.

“We appreciate the support of landowners, local officials and the community at large on this project and feel this development is a fitting tribute to our friend and colleague Mike Radford.”

Last month, E.ON started construction on a 201MW wind project in Kenedy County, Texas, known as the Stella Windfarm. The wind farm, which is slated to begin operations by the year end, will feature 67 3.0 MW turbines from Nordex Group.