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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