Jan. 21 (Bloomberg) -- Allianz Capital Partners, the alternative asset unit of Europe’s largest insurer, will seek further renewable-energy deals after investing more than 400 million euros ($541 million) in the industry last year.
Allianz Capital bought nine wind parks in 2013 including the 24-megawatt Cottbuser See wind farm in Brandenburg, Germany and the 76-megawatt Dahme wind farm south of Berlin, it said in a website statement. It also bought five wind farms in France, a venture in Italy and committed to fund construction of a Swedish plant, bringing Munich-based Allianz SE’s total investment in renewables to more than 1.75 billion euros.
Retirement and insurance funds are buying up renewable-energy projects that can generate electricity for more than 20 years and receive state subsidies. A unit of insurer Aviva Plc purchased solar-power installations on 4,000 U.K. homes in July while PensionDanmark A/S decided to invest 153 million pounds ($251 million) to buy shares in six U.K. wind farms in December.
“We will continue to seek opportunities in Germany, France and Italy,” David Jones, head of renewable energy at Allianz Capital, said in the statement. “But a further geographic expansion of the portfolio can be expected subject, of course, to being able to secure investments which offer an acceptable risk-return profile for our customers.”
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