BayWa r.e. Wind has closed on a construction loan with Commerzbank for the wind project
BayWa r.e. Wind, a developer of solar and wind energy projects, has secured a tax equity commitment from a consortium led by GE Energy Financial Services for its 250MW Amadeus wind project, located north of Rotan, Texas.
The company has also signed a hedge agreement with Morgan Stanley and closed on a construction loan with Commerzbank.
BayWa r.e. said that its wind project, which is already under construction is expected to start its service in fourth quarter 2020, and has used 5% safe harbor equipment to qualify for the project for 100% PTC’s.
Amadeus wind project will produce enough renewable energy for over 75,000 homes
The wind project will see the deployment of GE wind turbines across nearly 25,000 acres of federal, state and privately held lands.
Once operational, the Amadeus wind project is expected to generate adequate clean, renewable energy to power more than 75,000 homes per annum, while eliminating 680,000 metric tons of CO2 emissions every year.
BayWa r.e. Wind is a global developer, service supplier, distributor and energy solutions provider. The company has brought over 3GW of energy online, while managing over 8.3GW of assets.
In January, Belgium-based brewing company Anheuser-Busch InBev (AB InBev) had signed a 10-year virtual power purchase agreement (VPPA) with BayWa r.e.
Under the agreement, BayWa will supply electricity obtained from two Spanish solar parks with a combined capacity of about 200MW.
BayWa said that the electricity generated over the period of the PPA is equivalent to power the approximately 670,000 European homes, or 100,000 stadium football matches.