Gothaer injects €150m into Juwi IPP
Insurance company Gothaer Versicherung is pumping €150m ($203m) into independent power provider Juwi IPP, a sister company to German renewables developer Juwi Group.
Juwi IPP purchases and operates renewable-energy projects independent from Juwi Group, but it was founded by Juwi owners Fred Jung and Matthias Willenbacher. Gothaer is one of Germany’s biggest insurance companies.
Juwi IPP plans to use the financing to boost its wind and solar generation capacity - most of it in Germany - to 1.15GW in the coming three years from 450MW now.
“With this money we can expand our renewable generation capacity clearly faster than planned so far,” says Juwi IPP managing director Manfred Jakobs.
Juwi IPP says it has already invested the first €50m of the funds in December. It plans to buy a great volume of projects from the Juwi Group, but also wants to invest in renewables projects from other companies.