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.