April 2 (Renewables Now) - A group led by GE Energy Financial Services has provided tax equity for a 250-MW wind project in Texas owned by a unit of Germany’s BayWa AG (ETR:BYW6).
The tax equity commitment is for BayWa re Wind LLC’s Amadeus wind project for which the developer has also signed a hedge agreement with Morgan Stanley and obtained construction debt from Germany’s Commerzbank.
Construction of the Amadeus wind farm is ongoing and the power plant is expected to go live in the last quarter of this year. It will be equipped with GE turbines that will span almost 25,000 acres of federal, state and private lands.
Once up and running, it will be able to produce electricity for more than 75,000 homes each year while offsetting 680,000 tonnes of carbon dioxide (CO2) emissions. The project qualifies for 100% of the federal government’s production tax credit (PTC).
BayWa has engaged Rubicon Advisors to divest its non-tax equity membership interests upon the project’s commissioning. It is being advised by Greenberg Traurig LLP.