Allianz Global Investors acquires German solar parks

November 11, 2014.  The Allianz Renewable Energy Fund, S.A. SICAV-SIF („AREF“) - with Roderick MacDonald leading the transaction - acquired the two photovoltaic ground mounted parks Green Tower II and III. The plants are located on the former military airbase Preschen in Jocksdorf, Brandenburg, and have a total capacity of roughly 55 megawatt. For diversification purposes, the Infrastructure Equity investment team of Allianz Global Investors has previously acquired solar parks in Italy and Great Britain.

With this acquisition, Allianz Global Investors secures one of the few German ground mounted projects which is exemplary for an efficient conversion of an underused land area and, in addition, benefits from an attractive feed-in tariff.

Dr Armin Sandhövel, Chief Investment Officer for infrastructure equity at Allianz Global Investors, emphasizes the rarity of the project: “Changes in the renewable energy act make the future development and construction of such big PV ground mounted parks in Germany unlikely. We are therefore especially pleased that we were able to secure such a profitable project for our investors.“ With a total installed capacity of approximately 55 megawatt, Green Tower II and III can produce eco-friendly electricity which is sufficient for approximately 12,000 four-person households per year. 

“With Allianz Global Investors as the buyer, we have made an excellent choice“, explains Dr Roland Ilper, managing director of SENTUS FAS which acted as advisor of AB Unternehmensberatung & Beteiligungsgesellschaft mbH[1]. He explains further: “The transaction was realized by both parties very professionally and, after intense and constructive negotiations, led to a result satisfying for all parties involved.“

The Project is financed by BayernLB and UniCredit Bank. The technical due diligence was done by Centroplan and Fraunhofer ISE, and Linklaters LLP served as legal advisor for Allianz Global Investors. With respect to the financing and transaction management, the Seller relied on SENTUS FAS. Legal advice to the Seller was provided by Heuking Kühn Lüer Wojtek.

The AREF was launched as a closed-end fund for institutional investors in 2012 and closed in September 2013. Investors committed approximately 150 million Euro to the Fund.