BayWa Wind has secured a tax equity commitment for its 250MW Amadeus wind project from a consortium led by GE Energy Financial Services, according to Rubicon Capital Advisors.
Construction on the project is underway with completion expected in the fourth quarter 2020.
The Amadeus project, located near the town of Rotan in West Texas, will qualify for the 100% Production Tax Credit under the Safe Harbour guidelines.
Rubicon acted as exclusive financial advisor in connection with the tax equity commitment and has been engaged by BayWa to divest its Class B membership interest at commissioning date.
BayWa chief executive Florian Zerhusen said: “We are pleased to have worked with Rubicon on securing this critical tax equity commitment in a challenging market environment.
“The project remains strongly positioned for COD later this year and subsequent sale of the Class B membership interest to a long-term owner.”
The project will provide renewable energy to nearly 75,000 homes.
The clean energy produced by the project will also contribute to Texas’ continued lead in wind power generation, with the state contributing more than one quarter of America’s total wind generation according to the US Energy Information Administration.
BayWa has brought over 3GW of energy online globally, while managing over 8.3GW of assets.
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