German insurer Allianz SE (ALV.XE) said Tuesday it has so far invested a total of EUR1.3 billion in renewable energies, after buying three additional wind farms.

Two of those are newly-built Nordex sites in France, which deliver around 22 megawatts, and one is in Germany with a capacity of 16 megawatts.

"We expect demand for wind and solar energy will continue to rise and therefore, we want to keep growing in this market," Allianz Specialized Investments Chief Executive David Jones said.

Germany and France are important markets, Jones said.

"We will continue to expand in these and other European key markets," he added.

At the start of 2011, Allianz's investments in wind and solar energy surpassed the EUR1 billion mark, and the company increased that amount by nearly 25% in the past 12 months.

In total, Allianz now owns 34 wind farms with a total capacity of 658 megawatts and seven solar parks with a total capacity of 74 megawatts.

-By Alexandra Edinger, Dow Jones Newswires, +49 69 29 725 112, alexandra.edinger@dowjones.com