Munich Re Buys German Wind Parks in $3 Billion Renewables Plan

Munich Re, the world’s biggest reinsurer, agreed to buy six wind parks in Germany from developer Wpd AG as part of a plan to invest 2.5 billion euros ($3 billion) in renewable energy and new technologies.

Munich Re made the “double-digit millions” investment via its MEAG Munich Ergo AssetManagement GmbH unit, the company said today in a statement, without giving a specific figure.

The reinsurer has bought solar and onshore wind operations in Europe since starting its investment program in 2010. Munich Re and Germany’s largest insurer Allianz SE have picked up renewable energy assets to benefit from their long-term returns as equities continue to suffer from volatility.

The wind parks in North-Rhine Westphalia, Saxony Anhalt, Brandenburg and Mecklenburg Vorpommern have a total capacity of 48 megawatts, according to the statement.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.