Latest acquisition brings Allianz’s renewable energy investments to 1.75 billion euros

Allianz Capital Partners (ACP) invested 400 million euros to acquire nine wind parks in Europe last year for the Allianz insurance companies, the group announced this week.

Allianz most recently acquired the operational 24-megawatt Cottbuser See wind farm in Brandenburg, Germany. Including that purchase, Allianz’s total commitment to renewable energy is around 1.75 billion euros, it says.

“We are pleased with the progress made during 2013 in a European wind market which is becoming increasingly more competitive for investment and the renewable energy sector will remain one of the preferred alternative investment asset classes for Allianz in 2014,” David Jones, head of renewable energy at ACP commented in a statement.

“As for markets, we will continue to seek opportunities in Germany, France and Italy but a further geographic expansion of the portfolio can be expected subject, of course, to being able to secure investments which offer an acceptable risk-return profile for our customers.”

Related: Allianz buys three wind energy parks in France, Italy

ACP has been investing in renewable energy for the Allianz insurance companies since 2005. It managed a portfolio of 43 wind parks and seven solar parks in France, Germany, Italy and Sweden.

Allianz says the group’s renewable energy assets have a total generating capacity of more than 1,000 megawatts, capable of supplying the annual electricity needs of more than half a million European households, comparable to a city the size of Brussels.