German financial house Allianz has acquired three wind parks with a combined capacity of 50MW in France and Italy.
Its alternative asset management unit Allianz Capital Partners purchased the 8MW Frévent project and the 12MW Ivergny project from a subsidiary of French renewable company Eurowatt.
Both projects are still in the construction phase, and are expected to be operational in early 2014.
In Italy, Allianz Capital Partners acquired the Puglia-based Erchie wind farm on behalf of Allianz, with a 30MW capacity and operational since December 2012. It purchased the development from Luxembourgian renewable provider Eneris SA.
Financial details on the acquisition were undisclosed.
‘The acquisition of these wind parks takes our investment in renewables to €1.7bn,’ said David Jones, Allianz Capital Partners’ head of renewable energy. ‘This further consolidates Allianz’s position as one of the world’s leading financial investors in renewable energy.’
Allianz Capital Partners, focuses on direct long-term investments in companies with predictable cashflows, as well as renewable energy assets including wind farms and solar park systems.
The purchases follow other recent investment from Allianz in the wind sector, after the company purchased two wind farms in France and another in Germany with a combined capacity of 100MW in June 2013.
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