United States

United States

Mitsubishi and Allianz invest in Red Dirt project

UNITED STATES: Mitsubishi and Allianz have invested approximately $340 million in Enel North America's 300MW Red Dirt wind farm in Oklahoma.

Red Dirt will consist of 100 Nordex AW125/3000 turbines
Red Dirt will consist of 100 Nordex AW125/3000 turbines

The companies bought all of the project’s ‘Class B’ tax equity interests — allowing them to earn an unspecified percentage of the sites .

Enel, meanwhile, retains all ‘Class A’ tax interests and, therefore, management control of the 300MW site.

When operational later this year, Red Dirt will consist of 100 Nordex AW125/3000 turbines.

Financial close of the transaction is expected when the $420 million site comes online, the Italian utility announced last week.

The power generated by the project will be sold under two long-term agreements: one with T-Mobile for 160MW and the other with the Grand River Dam Authority for the remaining 140MW.

Enel is also building the 298MW Thunder Ranch project in Oklahoma.

The company also operates the 150MW Rocky Ridge, Origin and Osage Wind sites, Chisholm View I and II – for a total 300MW – 74MW Little Elk, 200MW Goodwell and 108MW Drift Sand projects in the Midwestern state.

As of 1 August, Oklahoma had the third-highest wind capacity in the United States. In April of this year state governor Mary Fallin cut wind energy tax credits to $0.005/kWh.

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