Allianz buys 31MW in Germany

GERMANY: Insurance company Allianz has bought two wind farms in Germany with a total capacity of 30.8MW from PNE Wind.

Allianz invested EUR 400 million in wind projects in 2013
Allianz invested EUR 400 million in wind projects in 2013

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The Calau II C project has been completed by PNE and was commissioned earlier this year, while work is still continuing on the Calau II D wind farm.

PNE will continue to provide technical operations management while the projects are under Allianz's ownership. Both wind farms are made up of Vestas V122-3MW turbines, with a particularly high hub height of 140 metres.

Allianz has previously bought a number of projects in Germany from WKN, a wind farm developer that PNE acquired in July 2013. Last year was a bumper year for wind investment by the German insurer, with EUR 400 million pumped into projects.

In 1996 the insurer set up Allianz Capital Partners to act as its in-house alternative investment platform. According to Allianz, since it started investing policyholder's money in renewable energy in 2005, it has become one of the largest financial investors in the sector in the world.

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