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Allianz and Capital One complete U.S. wind investment

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Allianz and Capital One are investing tax equity in the recently completed Broadview Wind Farm, located along the New Mexico-Texas border.

Allianz SE
Munich, May 24, 2017

Allianz-texas-wind-farm

The wind project is owned by Pattern Energy Group Inc. (“Pattern Energy”).  

Broadview consists of two similarly large wind farms with a total capacity of 324.3MW situated along the New Mexico-Texas border around 100 miles south west of Amarillo. The larger wind farm has a capacity of 181.7MW and consists of 79 turbines. The 62 turbines of the smaller wind farm are located in Curry County, New Mexico and have a capacity of 142.6 MW.

“In just over a year we have invested in five wind projects in the US and are pursuing more investments in the sector. That reflects the attractiveness of these investments due to their large project size and a stable regulatory framework,” said David Jones, Head of Renewables at Allianz Capital Partners.

“We are pleased to work with Pattern Energy and our co-investors to provide affordable and sustainable energy to the southwestern United States,” said George Revock, Managing Director and Head of Alternative Energy and Project Finance at Capital One Bank. “This renewable energy investment also supports Capital One’s sustainable energy initiative.”

The construction of the wind farm was commenced in the summer of 2016 and it entered commercial operation in March 2017. The power produced by these wind farms is distributed and purchased by Southern California and can approximately cover the energy usage of 180,000 Californian households. With this transaction, Allianz adds the fifth tax equity investment in the United States to its European renewables portfolio including a total of 76 wind farms and 7 solar parks.

About Allianz Capital Partners

Allianz Capital Partners is the Allianz Group's in-house investment manager for alternative equity investments. With offices in Munich, London, New York and Singapore, ACP manages approximately 19 billion euros 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.

The Allianz Group serves 86 million retail and corporate customers in more than 70 countries, making it one of the world’s largest insurers and asset managers. In 2016, over 140,000 employees worldwide achieved total revenues of 122 billion euros and an operating profit of 11 billion euros. Allianz Group managed an investment portfolio of 653 billion euros. Additionally, our asset managers AllianzGI and PIMCO managed over 1.3 trillion euros of third-party assets.

Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property and health insurance to assistance services to credit insurance and global business insurance. As an investor, Allianz is active in a variety of sectors including debt, equity, infrastructure, real estate and renewable energy. The Group’s long-term value strategies maximize risk-adjusted returns.

About Capital One

Capital One Financial Corporation is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $241.2 billion in deposits and $348.5 billion in total assets as of March 31, 2017. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

  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 3800 2743

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