At first glance it may not seem a very logical investment for an insurance company, but Germany’s Allianz Group has taken a strong stance in support of renewable energy. So the acquisition of two more wind farms already in operation from WKN Windkraft Nord by Allianz Specialized Investments is not a total surprise.
Allianz noted, in an announcement on its web site (www.allianz.com) that the “wind farms located in the Federal State of Brandenburg (Germany) have been in operation for several weeks. In Halenbeck, nine Vestas V80 wind turbines with a total installed capacity of 18 megawatts produce environmentally friendly power. On the former coal mining site Seese-West near the small town of Kittlitz, five Vestas V90 turbines each of two megawatt capacity have been erected.”
The new investment is the third of its kind Allianz has made. The first was a foreign WKN wind energy project in Francofonte on the Italian island of Sicily at the end of 2005, followed by the contract on the German wind farm Freyenstein in mid 2006.
“We are delighted to have convinced Allianz Specialized Investments once again of our experience and knowledge in the field of wind energy,” noted Michael Ostwald, authorized signatory of WKN AG, on conclusion of the agreement. “The cooperation during the due diligence process was again very professional, smooth and targeted. This deal concludes 2006 and takes us into 2007 with yet another great success for our company.”
The bulletin indicated that for “Allianz Specialized Investments the investment is a further step in its commitment to long-term investment in renewable energy. Wind energy in particular has great potential for growth and is one of the weapons in the battle against climate change.”
“With the addition of these two projects, Allianz’s wind energy portfolio now comprises 116 megawatts either operational or under construction and we expect to grow that considerably in the coming years”, pointed out David Jones, CEO of Allianz Specialized Investments. “It was again a pleasure to work with WKN and we hope to continue this co-operation on other projects to achieve our goals.”
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