Allianz Capital Partners has made its first investment in the US renewable energy sector.
The German company joined Bank of America Merrill Lynch and committed tax equity for two wind parks developed by EDF Renewable Energy.
The Roosevelt (250MW) and Milo (49.65MW) farms in New Mexico include 150 wind turbines.
David Jones, head of renewables at Allianz Capital Partners, said: “This investment is a significant first step for us in the US market.”
He added that the renewal of the Production Tax Credit legislation could see the company making further investments “in the near and medium term”.
Allianz said it now has $3bn (€2.9bn) in equity investments in wind and solar assets.
Investment in renewables in the US are incentivised through tax benefits based on production, rather than premium electricity prices, as they are in Europe.
Todd Karas, head of renewable energy finance at BofA Merrill Lynch, said: “The financial services sector is in a unique position to help and provide the much-needed capital and financing to accelerate a low-carbon economy.”