Allianz acquires first wind park in Finland

Allianz Capital Partners (ACP) has further expanded its renewable energy investments both in volume and geographically. By signing an acquisition agreement with the wind power company OX2 for six turbines, ACP has successfully entered the Finnish market and further diversified its portfolio.

The wind park at Jouttikallio, around 80 km from Vaasa, has a capacity of 21 megawatts and will satisfy the electricity demands of around 12,600 households. The project has been granted all the permits necessary for construction and is expected to be commissioned and delivered to Allianz at the end of 2016. OX2 will continue to be responsible for the commercial and technical management of the wind farm.

"Entering the Finnish market is another important milestone this year for us. Finland is a promising European wind market and it will help us to increase and further diversify our renewables portfolio", said David Jones, Head of Renewables at Allianz Capital Partners. "We are pleased to expand our relationship with OX2 and we look forward to working with them on the successful long-term operation of this wind farm."

"We are proud that Allianz has once again shown its confidence in us, and we are looking forward to building and delivering another wind farm for them, this time in Finland", said Paul Stormoen, Managing Director of OX2 Wind.

Allianz's commitment to the European renewable energy sector exceeds 2.5 billion euros in 55 wind farms and 7 solar parks. ACP's wind and solar portfolio generates sufficient renewable energy to supply over 800,000 households which is comparable to a city the size of Barcelona. Allianz's current renewable energy portfolio is located in France, Germany, Italy, Sweden, Austria and now in Finland.

The parties have contractually agreed not to disclose the purchase price. The transaction is subject to certain closing conditions and is expected to close by end of January 2016.