E.ON Climate & Renewables Closes Tax Equity Financing for Radford's Run Wind Farm
Feb. 1, 2018
CHICAGO, Feb. 1, 2018 -- E.ON announced today the successful tax equity financing of its 305.8 MW Radford's Run wind farm in Macon County, Illinois.
Allianz Renewable Energy Partners of America and Bank of America Merrill Lynch provided tax equity financing in exchange for a partial interest in Radford's Run. The project achieved commercial operation and closing of tax equity in December 2017.
"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," said Dr. Verena Volpert, Senior Vice President, Group Finance, E.ON SE. "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."
Located in Macon County near Decatur, Illinois, Radford's Run is a 305.8 megawatt wind farm comprising 139 Vestas V110 turbines that can create enough electricity to power approximately 100,000 homes. Since 2007, E.ON has developed more than 3.6 gigawatts of wind projects in the United States.
The project is named in memory of a long-time E.ON employee Mike Radford who passed away after battling cancer.
"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," said Patrick Woodson, Chairman, E.ON North America. "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."
A team of over 300 construction workers completed the Radford's Run project, and 21 personnel, including skilled technicians, are stationed on-site day-to-day. During the next 25 years, Radford's Run is projected to generate more than $46 million in property taxes combined for Macon County. This additional revenue will support essential county services and local schools.
E.ON is an international investor-owned energy company, focusing entirely on energy networks, customer solutions and renewables. In the 2016 financial year, more than 40,000 employees from 90 nations generated sales of around $42 billion. Around 33 million customers purchase gas and electricity from E.ON. Within the global renewables segment E.ON is a leading company. The company has already invested more than $11 billion and operates nearly 5.4 gigawatts of renewable capacity.