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Allianz Buys 31 Megawatts of Wind Farms From PNE in Germany

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June 30 (Bloomberg) -- Allianz SE, Europe’s largest insurer, bought two wind farms from German developer PNE Wind AG for an undisclosed amount.

The projects Calau II C and Calau II D have five wind turbines each and a total capacity of 30.8 megawatts, PNE said today in an e-mailed statement. While the C section is already operating, the D section is under construction, it said.

Retirement and insurance funds are buying up renewable-energy projects that can generate electricity for more than 20 years and receive state subsidies. Allianz has been buying clean energy assets since 2005 and spent more than 400 million euros ($548 million) in the industry last year.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Tony Barrett, John Viljoen

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