Munich Re Buys British Onshore Wind Farms in Renewable Push

Munich Re bought three British wind farms with a combined capacity of 102 megawatts, pushing the German reinsurer’s renewable energy investments past 600 million euros ($737 million) since last year.

Munich Re bought north Wales’s Tir Mostyn, Scout Moor near Manchester and Lincolnshire’s Bagmoor plants from HgCapital through its MEAG Munich Ergo AssetManagement GmbH unit, the world’s biggest reinsurer said today in an e-mailed statement. No terms were disclosed.

Munich Re is targeting a total investment of 2.5 billion euros in renewable-energy assets.