Investments in renewable energy surpass 3 billion euro milestone

Allianz buys three additional wind parks in Finland / Acquisitions in Joukhaisselkä, Kuolavaara-Keulakkopää and Saarenkylä / Finnish wind portfolio of Allianz allows the electricity demand of around 95,000 households to be satisfied

After successfully entering the Finnish wind market at the beginning of 2016, Allianz Capital Partners (ACP) has now stepped up its renewable energy investments by acquiring three additional wind parks in the region. ACP signed an acquisition agreement for the wind parks with Portofino New Energy B.V., which is owned by Impax New Energy Investors II LP.

The Joukhaisselkä and Kuolavaara-Keulakkopää wind parks are located in Lapland, a region in the north of Finland, and benefit from a joint operations and maintenance base. The Saarenkylä wind park is close to the western coast line, situated in the region of northern Ostrobothnia. Together, they have a total capacity of 107.7 MW. This is five times the capacity of the first Finnish investment of Allianz in Jouttikallio and is enough to satisfy the electricity demands of around 95,000 average EU households.

"This sizeable purchase allows us to further diversify the Allianz renewables portfolio, allowing us to establish a strong position in Finland, which is an attractive European wind market, and to develop our standing in the Nordic region as a whole", said David Jones, Head of Renewables at Allianz Capital Partners. "It's an investment which has a positive impact on the environment and also benefits our customers. It marks a new milestone for Allianz, which has now invested a total of more than 3 billion euros in renewable energy."

All three wind farms will be acquired as operational sites after the construction work has been completed.

The commitment of Allianz to the renewable energy sector now exceeds 3 billion euros, with 63 wind farms and 7 solar parks. The wind and solar portfolio of ACP generates enough renewable energy to supply over a million households, which is comparable to a city the size of central Paris. The renewable energy portfolio of Allianz currently includes sites located in Austria, Finland, France, Germany, Italy, Sweden and the US.