Allianz buys 50MW of wind assets

Insurance giant Allianz has bought 50MW of wind assets in France and Italy, further swelling its renewable energy portfolio.

Allianz Capital Partners (ACP) – the German group’s investment arm – acquired two French wind projects totalling 20MW from developer Eurowatt. Both are currently being built and are expected to be completed by mid-2014.

ACP also bought the already-operating, 30MW Erchie wind farm in Puglia, southern Italy, developed by Eneris.

David Jones, head of renewable energy at ACP, said: “The acquisition of these wind parks takes our investment in renewables to €1.7bn ($2.3bn), further consolidating Allianz’s position as one of the world’s leading financial investors in renewable energy.”