Enel adds Red Dirt muscle
MUFG, Allianz pour $340m into 300MW Oklahoma project
Mitsubishi UFJ Financial Group and Allianz have invested $340m in Enel's 300MW Red Dirt wind farm in Oklahoma.
Through a so-called tax equity agreement, the investors have acquired 100% of the wind farm's "B" shares. Enel has kept the "A" shares and therefore retained management control.
Construction of Red Dirt, which Italy's Enel estimates will cost $420m, commenced in April.
Its completion is slated for the end of 2017.