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E.ON closes tax equity financing for Radford’s Run Wind Farm
Written By: Jen Neville
February 2, 2018
E.ON recently announced 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."
According to E.ON, the project is 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 was named in memory of a long-time E.ON employee Mike Radford who passed away after battling cancer.
Patrick Woodson, Chairman, E.ON North America, commented, "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."
Per E.ON, 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 is set to support essential county services and local schools.