PressNewsBusinessAsset management: Allianz and MUFG invest in EDF wind farm in Oklahoma

Allianz and MUFG invest in EDF wind farm in Oklahoma

Service & Contacts

Allianz Group Communications
Koeniginstr. 28
80802 Munich
Germany

Contact overview

Receive the latest Allianz news.

Newsletter

Follow Allianz in the social networks:

Facebook
Twitter
Google+
LinkedIn

  • Contact

  • Newsletter

  • Social Media

Allianz and MUFG, one of the world’s leading financial groups, have together invested tax equity in the Great Western wind park developed and owned by EDF Renewable Energy (EDF RE), one of the leading wind project developers in the United States.

 

Allianz Capital Partners
Munich, Feb 02, 2017

Allianz-Sunset

The Great Western wind project is located in Ellis and Woodward Counties, around 200km north-north west of Oklahoma City. This 225 megawatt project is capable of producing enough clean, renewable electricity to power approximately 70,000 average Oklahoma households.

“We are delighted to partner with MUFG and EDF RE on this project. It is a valuable addition to our renewable energy portfolio, which now exceeds 3.5 billion euros and offers a stable and uncorrelated return to Allianz,” said David Jones, Head of Renewables at Allianz Capital Partners.

Lance Markowitz, Head of Leasing and Asset Finance at MUFG, said: “The Great Western wind farm is a great example of three organizations coming together to help create an energy project that will provide clean, competitively priced and affordable power to Oklahoma residents for many years to come. Further, this partnership is a clear illustration of MUFG’s strategy to be the leading financial solutions provider for renewable energy."

“The Great Western wind facility financing represents yet another investment in an EDF RE project by each of our partners,” said Jim Peters, Vice President of Project Finance for EDF RE. "We appreciate both the continued confidence in the well-structured nature of our projects as well as the partnership to bring these critical deals to fruition.”

During the next 25 years, Great Western is projected to generate more than $25 million in property taxes for Ellis and Woodward Counties.

Clear focus on renewable energy investments

Allianz-ACP_infographic_EN

With the fourth tax equity investment in the United States, Allianz investments in the renewable energy sector exceed 3.5 billion euros, with a total of 74 wind farms and 7 solar parks located in Austria, Finland, France, Germany, Italy, Sweden and the United States. The wind and solar parks of Allianz generate enough renewable energy to supply over a million households, which is comparable to a city the size of central Paris.

About Allianz and Allianz Capital Partners

Allianz represents one of the world’s strongest financial communities, offering a broad range of insurance and asset management services. In 2015, Allianz employed around 142,000 staff in some 70 countries and achieved total revenues of 125.2 billion euros and an operating profit of 10.7 billion euros. Allianz Group managed an investment  portfolio of around 640 billion euros. Additionally our asset managers Allianz GI and PIMCO managed 1.3 trillion euros of third party money. Allianz is active in a wide variety of sectors including real estate, infrastructure, renewable energy and equity and debt. Allianz’s long-term value strategies maximize risk-adjusted returns.

Allianz Capital Partners is the Allianz Group's in-house investment manager for alternative investments. With offices in Munich, London, New York and Singapore Allianz Capital  Partners manages more than EUR 16 billion of alternative assets. The investment focus is on infrastructure, renewables as well as private equity funds. ACP’s investment  strategy is targeted to generate attractive, long-term and stable returns while diversifying the overall investment portfolio for the Allianz Group insurance companies.

In addition to invest in renewable energy, the Allianz group has three other initiatives contributing to the growth of renewable energy in the US. Allianz Global Investors, one of the world’s leading active investment managers, has completed infrastructure debt investments of $9.4 billion between the US and Europe since 2013 with their first ever U.S. renewable energy debt investment of over $400 million in Grande Prairie Wind in 2016. Allianz Risk Transfer provides an innovative risk management solution for hedging wind volume risks for wind farms and has successfully executed Proxy Revenue Swaps with several counterparties in the US, among them Bloom Wind Farm and Microsoft, totaling more than 500 MW. Allianz Global Corporate & Specialty SE (AGCS), the global corporate and specialty insurer of Allianz SE, is one of the leading insurers of wind farms and solar energy projects globally.
www.allianzcapitalpartners.com

About EDF Renewable Energy

EDF Renewable Energy is a leading US independent power producer with 30 years of expertise in the renewable industry, covering all range of services from project origination, development, sales and marketing, to long-term asset management. EDF Renewable Energy specializes in wind and solar photovoltaic with presence in other segments of the  renewable energy market: storage, biogas, biomass, hydro, and marine energy. EDF Renewable Energy’s North American portfolio consists of 8 gigawatts of developed projects with  4.1 gigawatts of installed capacity throughout the US, Canada, and Mexico. The operations and maintenance subsidiary, EDF Renewable Services, operates 10 GW throughout North America. EDF Renewable Energy is a subsidiary of EDF Energies Nouvelles. EDF Energies Nouvelles is the renewable energy arm of the EDF group, the leading electricity company in the world. For more information visit: www.edf-re.com

About MUFG (Mitsubishi UFJ Financial Group, Inc)

MUFG (Mitsubishi UFJ Financial Group, Inc.) is one of the world's leading financial groups, with total assets of approximately $2.9 trillion as of September 30, 2016.  Headquartered in Tokyo and with approximately 350 years of history, MUFG is a global network with more than 2,200 offices in nearly 50 countries. The Group has more than  140,000 employees and about 300 entities, offering services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and  leasing.

The Group's operating companies include Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking Corporation (Japan's leading trust bank), and Mitsubishi UFJ Securities Holdings Co., Ltd., one of Japan's largest securities firms. Through close partnerships among our operating companies, the Group aims to "be the world's most trusted financial group," flexibly responding to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York (MTU) stock exchanges. Visit www.mufg.jp/english/index.html.

  Forward Looking Statement disclaimer

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

  Press contact

Stefanie Rupp-Menedetter
Allianz Capital Partners
Phone +49 89 38002743
Send email

Sandi Briner
EDF Renewable Energy
Phone +1 858 521 3525

Send email

Rich Silverman
MUFG
Phone +1 212 782 5953

Send email

  More at allianz.com

Beware of generation generalizations

Allianz-Beware of generation generalizations
Nov 20, 2017 | Allianz SE

Shortly before the stroke of midnight on December 31, the last-born millennial will turn 18 – marking a generational milestone...

More...

Allianz study: millennials optimistic despite gloomy expectations

Allianz-Allianz expands footprint in China with new Beijing branch
Nov 20, 2017 | Allianz SE

Millennials believe the world is more difficult and complex than their parents faced at the same age and are gloomy about the career prospects of their generation. They expect artificial intelligence and robotics to disrupt the workplace, and that employment insecurity and pressure in the workplace to perform will increase. 

More...

Allianz reports 2.5 billion euros operating profit in 3Q 2017; on track for full-year target

Allianz-Allianz reports 2.5 billion euros operating profit in 3Q 2017; on track for full-year target
Nov 09, 2017 | Allianz SE

Allianz Group reported good results for the third quarter of 2017 after a series of hurricanes, storms and other natural catastrophes drove claims higher. Total revenues rose 2.1 percent compared to the third quarter of 2016 to 28.3 (third quarter of 2016: 27.7) billion euros, mostly due to another strong performance in the Life and Health business segment. Operating profit declined to 2.5 (3.0) billion euros, largely due to 529 million euros losses from natural catastrophes. 

More...
More...