Allianz Global Investors has added to its renewables portfolio, acquiring a 49 percent share of a French wind portfolio from STEAG, a German power firm.
The terms of the deal were not disclosed, but STEAG said the transaction will take effect retroactively as of 1 January 2017. STEAG retains the remaining majority share of the 94MW portfolio, which comprises seven wind farms and 39 turbines. The firm will continue to run the commercial and technical management of the wind farms.
Allianz made the purchase from its €350 million Allianz Renewable Energy Fund II, which was launched in 2015. Like its predecessor, the €150 million Allianz Renewable Energy Fund, AREF II has focused on the European market. In January, Allianz purchased three UK solar parks totalling 97.3MW in capacity through the fund, with previous deals including a 12.8MW wind project in Sweden and a 142.5MW wind portfolio in Germany. Allianz is considering launching a third renewables fund targeting the US market.
The deal comes following a competitive bidding process, according to STEAG.