Allianz Capital Partners, the alternative asset investment platform of the Allianz Group, has signed agreements to acquire the 72 megawatt (MW) Maevaara wind farm in Northern Sweden from Swedish renewable energy developer O2.

With this investment, Allianz's commitment to the European renewable energy sector exceeds €1.5bn in 36 wind farms and 7 solar parks which together generate sufficient renewable energy to supply over 400,000 households.

Allianz will provide a loan facility to construct the wind farm during 2013 and 2014 and take over ownership of the asset once it is successfully commissioned and O2 will manage the technical and commercial operation of the wind farm under a management agreement. For a period of ten years, all electricity produced by the windfarm will be sold to Google under a power purchase agreement announced on 4th June 2013. Google will use the windfarm's output to power its datacenter in Finland with renewable energy. Both sides have agreed to maintain confidentiality regarding the purchase price.

"We are very pleased to enter the Swedish wind market with this material investment" said David Jones, Head of Renewable Energy at Allianz Capital Partners, adding "The power purchase agreement implemented for this project offers an interesting model for further wind farm development in this market."

Allianz's current renewable energy portfolio is located in France, Germany, Italy and now in Sweden. Allianz Capital Partners is planning to further expand its renewable energy investments both in size and geographically over the coming years with a focus on European markets.