Allianz exceeds €1.5bn invested in renewables

Allianz Capital Partners, the alternative asset investment platform of the Allianz Group, has signed agreements to acquire the 72 megawatt (MW) Maevaara wind farm in Northern Sweden from Nordic renewable energy developer O2.

With this investment, Allianz’s commitment to the European renewable energy sector exceeds €1.5bn in 36 wind farms and 7 solar parks which together generate sufficient renewable energy to supply over 400,000 households.

Allianz will provide a loan facility to construct the wind farm during 2013 and 2014 and take over ownership of the asset once it is successfully commissioned and O2 will manage the technical and commercial operation of the wind farm under a management agreement. For a period of ten years, all electricity produced by the windfarm will be sold to Google under a power purchase agreement announced on 4th June 2013. Google will use the windfarm’s output to power its datacenter in Finland with renewable energy.

“We are very pleased to enter the Swedish wind market with this material investment” said David Jones, Head of Renewable Energy at Allianz Capital Partners, adding “The power purchase agreement implemented for this project offers an interesting model for further wind farm development in this market.”

Allianz’s current renewable energy portfolio is located in France, Germany, Italy and now in Sweden. Allianz Capital Partners is planning to further expand its renewable energy investments both in size and geographically over the coming years with a focus on European markets.

Munich, 5 June 2013

Contact:
Melanie Epp
Communications Allianz Capital Partners
Tel. +49.89.1220.7602
melanie.epp@allianzcapitalpartners.com

These assessments are, as always, subject to the disclaimer provided below.

About Allianz
Together with its customers and sales partners, Allianz is one of the strongest financial communities. Around 78 million private and corporate customers rely on Allianz’s knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks.

In 2012, around 144,000 employees in over 70 countries achieved total revenue of 106.4 billion euros and an operating profit of 9.5 billion euros. Benefits for our customers reached 89.2 billion euros.

This business success with insurance, asset management and assistance services is based increasingly on customer demand for crisis-proof financial solutions for an aging society and the challenges of climate change. Transparency and integrity are key components of sustainable corporate governance at Allianz SE.

About Allianz Capital Partners
Allianz Capital Partners is the Allianz Group’s in-house investment platform for alternative investments, with an investment volume of around 8.7 billion euros. Allianz Capital Partners has offices in Munich, London, New   York and Singapore.

Allianz Capital Partners focuses on (i) direct investments in companies, projects or assets offering long-term, predictable and preferably inflation-protected cash flows, (ii) renewable energy assets such as wind farms and solar park systems and (iii) indirect investments in private equity funds. Thanks, in particular, to their long investment horizon and attractive risk/return profile, the asset classes covered by Allianz Capital Partners are an ideal match for the requirements of the Allianz insurance companies, with their long-term liabilities.

 

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