Allianz Renewable Energy Fund acquires two further wind parks in Germany
Dr Armin Sandhövel, CIO Infrastructure Equity at AllianzGI, comments on the addition to the portfolio: “Germany currently offers many first-rate opportunities for investments in onshore wind parks. The wind resource in Brandenburg is especially favourable, which leads to many benefits and the fact that more than 3000 wind turbines have been erected in this region speaks for itself.” The total capacity installed of all three wind parks combined amounts to approximately 47 megawatt. This number corresponds to roughly 125,000 megawatt hours of clean and eco-friendly electricity which, in turn, is sufficient for 38,000 three-person households.
All three wind parks were planned and constructed by the German wind park developer UKA Umweltgerechte Kraftanlagen GmbH & Co. KG. “Onshore wind energy is the most efficient and most important renewable energy. We are happy that, with Allianz Global Investors, we have won a partner that believes in this energy resource and with its engagement helps to expedite the energy turnaround” says Gernot Gauglitz, managing partner of the UKA group of companies.
The financing bank of all three non-recourse deals is Commerzbank AG. For each transaction, TÜV SÜD acted as technical advisor and with respect to the legal and tax advice, AllianzGI collaborated with Watson, Farley & Williams LLP. UKA’s legal advisor was Lenga, Wähling & Partner in all three transactions.
The Allianz Renewable Energy Fund 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.