Allianz SE (ALV.XE), Europe's biggeste insurer by market value, said Wednesday its Allianz Capital Partners unit has signed an agreement to buy a wind farm in Sweden.

With the investment, Allianz's investment in renewable energy in Europe has risen to above EUR1.5 billion. A price wasn't disclosed, but based on market prices for similar transactions, Allianz paid a three-digit-million euros amount.

MAIN FACTS:

-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 Swedish renewable energy developer O2.

-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.

-O2 will manage the technical and commercial operation of the wind farm under a management agreement.

-For a period of 10 years, all electricity produced by the windfarm will be sold to Google Inc. (GOOG) under a power purchase agreement announced June 4. Google will use the windfarm's output to power its datacenter in Finland with renewable energy.

-With this investment, Allianz's commitment to the European renewable energy sector exceeds EUR1.5 billion in 36 wind farms and 7 solar parks which together generate sufficient renewable energy to supply over 400,000 households.

-Both sides have agreed to maintain confidentiality regarding the purchase price.

-"The power purchase agreement implemented for this project offers an interesting model for further wind farm development in this market," said David Jones, head of Renewable Energy at Allianz Capital Partners.

-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.

-Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com

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