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.