United Kingdom

United Kingdom

Munich Re acquires 102MW UK projects

UK: German insurance company Munich Re has acquired three UK wind projects with a combined capacity of 102MW, from private equity group HG Capital.

The projects - Tir Mostyn, Wales, Scout Moor, Lancashire, and Bagmoor, Lincolnshire - were purchased for around €300 million by Munich Re's MEAG Munich Ergo Asset Management division.

According to reports, Munich Re is looking to invest around €2.5 billion on renewables assets.

HG Capital acquired Tir Mostyn - its first wind farm - in 2005 for £21.6 million. The plant consists of 25 Gamesa 850kW turbines.

At the time, HG said the acquisition was the first of a series of investments in renewable energy projects in western Europe.

Last year, Munich Re has signed a deal with Fuhrländer to insure the wind turbine manufacturer's five-year guarantees. It was the first insurance cover of its kind for the wind-energy sector.

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