Peyton Creek Closes Tax Equity Financing

AUSTIN, Texas, April 22, 2020 /PRNewswire/ --

    --  Bank of America provides tax equity financing for RWE project
    --  Peyton Creek facility expected to generate more than $30 million in
        local tax revenue
    --  U.S. key focus market for RWE with further wind farms coming into
        operation this year

                        Silvia Ortin, COO Onshore Wind and
                         Solar PV Americas, RWE
                         Renewables:
    "With this tax equity deal for our
     Peyton Creek Wind Farm, we are
     proud to be furthering our
     investment in the United States,
     one of our main strategic markets
     where we are determined to
     continue our growth in
     renewables."

    ---

RWE Renewables has completed the successful tax equity financing of its 151-megawatt (MW) Peyton Creek wind farm in Matagorda County, Texas.

A subsidiary of Bank of America provided tax equity financing for the Peyton Creek project. The project achieved commercial operation and closing of tax equity in the first quarter of 2020.

"Our successful financing of this project showcases our commitment to the development of wind energy and positions us an industry leader in renewable energy," said Silvia Ortin, COO Onshore Wind and Solar PV Americas, RWE Renewables.

At its peak, a team of approximately 170 construction workers were onsite to complete the Peyton Creek project. Ten personnel, including skilled technicians, will be stationed on-site day-to-day during operations. During the next 30 years, Peyton Creek is projected to generate more than $30 million in property taxes for Matagorda County. This additional revenue will support essential county services and local schools.

Peyton Creek wind farm is equipped with 48 Nordex 3.15MW turbines. The project can produce enough electricity to power more than 45,000 homes. With the Peyton Creek wind farm becoming operational, RWE's total installed operating wind generating capacity in the US is more than 4,000 MW (RWE's pro rata share is about 3,400 MW).

North America is one of the focus markets of RWE, with a strong development pipeline in the renewables business. The installed capacity in the U.S. accounts for more than one third of the Group´s renewables capacity. As one of the largest renewables players worldwide RWE wants to invest a net EUR5 billion by 2022 in the continued expansion of renewable energy, with this having the potential to rise significantly through contributions from partners.

Further onshore wind farms in the U.S. are currently under construction, among others: The Cranell Wind Farm, a 220 MW facility in Refugio County, and Big Raymond, a 440 MW facility in Willacy, Cameron and Hidalgo counties, are both located in Texas. The Boiling Springs Wind Farm is a 150 MW wind farm and RWE´s first project in Oklahoma.

For more information, go to www.rwe.com/usa.

     For further inquiries: 
     Matt Tulis              
     Lothar Lambertz


                            
     Communication Manager   
     Head of Media Relations


                            
     RWE Renewables          
     RWE Renewables


                                                      
     T +49 201 12-23984


                            
     M +1 512 698 4043       
     M +49 162 2845484


                            
     E matthew.tulis@rwe.com 
     E lothar.lambertz@rwe.com

RWE Renewables
RWE Renewables, the newest subsidiary of the RWE Group, is one of the world's leading renewable energy companies. Following the completion of the transaction with E.ON, RWE Renewables has onshore and offshore wind farms, photovoltaic plants and battery storage facilities with a combined capacity of more than 9 gigawatts. The company is driving the expansion of renewable energy in more than 20 countries on four continents. For further growth an annual investment budget of EUR1.5 billion net is available. When adding in possible partnerships, the investment budget could increase to between EUR2 and EUR3 billion per annum. The focus is on the Americas, the core markets in Europe and the Asia-Pacific region.

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SOURCE RWE Renewables