Allianz spends €400m on RE in 2013

Allianz Capital Partners (ACP) has spent over €400m ($543m) last year on renewables on behalf of the Allianz insurance companies, boosting its total generating capacity to more than 1GW.

ACP in 2013 bought nine wind parks in four European markets, taking the group's total investment in RE to over €1.75bn.

Its most recent acquisition was the 24MW Cottbuser See wind farm in Germany's Brandenburg state.

"We are pleased with the progress made during 2013 in a European wind market which is becoming increasingly more competitive for investment and the renewable energy sector will remain one of the preferred alternative investment asset classes for Allianz in 2014," says David Jones, head of RE at ACP.

"As for markets, we will continue to seek opportunities in Germany, France and Italy but a further geographic expansion of the portfolio can be expected."

ACP is managing a portfolio of 43 wind parks and seven solar parks located in France, Germany, Italy and Sweden.