The project, situated in Carson and Gray counties 37 miles east of Amarillo, features 112 GE 1.79-100 turbines that are capable of generating enough electricity to power about 64,000 homes.
During the next 25 years, the project is expected to generate over $32m in property taxes combined for Carson and Gray counties.
E.ON SE group finance, senior vice president, Verena Volpert said: "We are delighted to partner with Allianz and State Street on the Colbeck’s Corner transaction.
"EC&RNA produces quality renewable energy projects which continue to attract strong interest from established investors such as Allianz and State Street."
EC&RNA has developed more than 3 gigawatts of wind projects in the US since 2005.
Allianz Capital Partners renewables head David Jones said: "We look forward to co-operating to ensure the success of the project and, hopefully, to working together on other investments in future."
According to the American Wind Energy Association, wind power firms have invested a total of $32bn on projects in Texas in the last 10 years.
E.ON currently operates more than 4.5 gigawatts of renewable capacity including large hydro. Since 2007, the company has already invested over €10bn and said it will continue to expand the share of renewable energy in its power generation portfolio.
