Munich Re Studies Wind-Farm Deal in $3.4 Billion Renewables Plan
Munich Re, the world’s biggest re- insurer, may buy a stake in an offshore wind farm operated by utilities such as EON SE and RWE AG as it earmarks 2.5 billion euros ($3.4 billion) to invest in renewable-energy assets.
MEAG Munich Ergo AssetManagement, Munich Re’s investment arm, is in talks with utilities about investing in a project stake once the farm is connected to the power grid, said Robert Pottmann, who heads MEAG’s renewable-energy unit.
“It would be a grid-connected wind farm developed, financed and operated by a big utility,” Pottmann said by phone from Munich.
Germany, boosting renewables to counter the phase-out of atomic energy, is seeking to add 25,000 megawatts of sea-based wind turbines by 2030 with a capacity similar to 25 nuclear plants. Utilities EON, RWE and Dong Energy A/S are developing projects to add to the 280 megawatts already running.
Munich RE and MEAG intend to invest in onshore wind and solar photovoltaic projects in Europe and North America, Pottmann said. The re-insurer may subsequently buy stakes in completed geothermal projects in Germany, he said.
Separately, Munich Re and MEAG aim to invest about 1.5 billion euros in infrastructure projects such as gas and transportation networks, he said. Der Spiegel reported Feb. 8 that Allianz SE wants to invest billions of euros in power grid operator TenneT TSO GmbH to help connect the country’s offshore wind farms.
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