E.ON secure $200 million in tax equity funding in the US, thanks to GE


German energy group E.ON SE has announced $200 million in tax equity funding, which will provide a desperately-needed lifeline to repower its 258-MW Panther Creek I and Panther Creek II wind farms in Texas.

GE Energy Financial Services has both underwritten and committed to a portion of the tax equity, which will enable E.ON to extend the lifetime and capacity factor of the two facilities. The project will entail the replacement and installation of new drive trains and an upgrade of the 172 GE 1.5-MW turbines with longer rotors.

The two plants, located in Howard and Glasscock, and Glasscock and Sterling counties, respectively, are expected to return to operation by December 2019, after first began operations in 2008.

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The Panther Creek I and Panther Creek II schemes represent part of an over 1-GW portfolio of clean energy capacity that E.ON plans to connect to the grid before the end of 2020, according to E.ON.