Allianz Capital Partners (ACP) has said that its investments in renewable energy have passed the €2bn mark, following the acquisition of the 28-megawatt Forterre wind farm in the Yonne department of Burgundy in France.
The farm, acquired from French renewable energy company EOLE-RES, is under construction, with commercial operation scheduled for the first quarter of 2015. Once commissioned, the farm will be operated by EOLE-RES.
Since 2005, Allianz has invested in 47 wind farms and seven solar parks in Germany, France, Italy and Sweden via its subsidiary ACP.
David Jones, head of renewable energy at ACP said, "Reaching €2bn of equity investment in renewables is a milestone worth marking and consolidates Allianz's position as one of the world's leading investors in sustainability."
Jones added that ACP looked forward „to working with EOLE-RES on the successful construction and long-term operation of the wind farm and hopefully on further projects in the future."
According ACP, Allianz's involvement in projects with long-term, predictable cashflows suits its requirements as a long-term investor. "Alternative investments are a key part of our investment strategy, and not just in these times of low interest rates. We're determined to significantly increase the volume of our alternative investments, albeit without abandoning our diligent investment approach."