Allianz buys 19MW UK PV array

Allianz Renewable Energy Fund (AREF) has bought the 19.5MW Great Glemham solar farm in the UK from BayWa Renewable Energy, the renewables arm of German trading company BayWa. 

The array, located about 161km miles northeast of London, was the third closing for AREF, after the acquisition of an Italian solar farm in late 2013 and a German wind farm in February 2014.

"In addition to helping ensure our investments are geographically diversified, this solar farm should offer stable cash-flows through the Renewables Obligation subsidy scheme, a long-term power purchase agreement with an investment grade consumer as well as a level of sunshine hours comparable to Germany," AREF's chief investment officer Armin Sandhövel says.

The installation is receiving 1.6 ROCs per megawatt hour of produced electricity under the UK's Renewables Obligation subsidy scheme.

The Allianz Renewable Energy Fund was launched as a closed-end fund for institutional investors in 2012 and closed in September 2013.

Investors committed around €150m ($203m) to the Fund.