Investment manager Allianz Global Investors (AllianzGI) said Wednesday it invested over $400 million for its clients in the Grande Prairie Wind project (GPW), Kallanish Energy finds.
GPW is a 400-megawatt (MW) wind farm in Holt County, Nebraska – the largest wind energy project in the state’s history – owned by BHE Renewables, a Berkshire Hathaway Energy subsidiary.
The project will increase Nebraska’s wind energy capacity by nearly 50%, and represents the first project in the state for BHE, and the first infrastructure debt renewable energy investment made by AllianzGI in the U.S.
The financing consisted of unlisted, 20-year bonds privately placed with U.S. and European investors. BHE will use the proceeds to reimburse the costs of the construction that began in 2015 and will be completed by the end of 2016.
Commenting on the transaction, Paul David, Head of Americas, Infrastructure Debt at AllianzGI, said:
“We are proud to complete our first private infrastructure debt investment in the U.S. renewable energy space with a milestone project sponsored by BHE Renewables,” said Paul David, head of Americas, Infrastructure Debt at AllianzGI.
BHE announced in April 2015 the plan to start construction of GPW. The project has a long term power purchase agreement with the Omaha Public Power District.
