Allianz buys nine wind farms

The German firm will acquire the assets from DIF, providing the Dutch fund manager’s €134m renewable energy vehicle with a second exit.

Allianz has bought nine onshore wind parks from Netherlands-based fund manager DIF.

The plants, which have a combined capacity of 57 megawatts (MW), are located in the German federal states of Sachsen-Anhalt, Sachsen, Hessen, Brandenburg and Mecklenburg-Vorpommern. The transaction is still subject to anti-trust clearance, which is expected to be granted before the end of the month.

The purchase will be made via Allianz Renewable Energy Fund (AREF), a vehicle launched in 2012 that reached its final closing in September 2013 on €150 million. Without today’s transaction, the fund’s portfolio includes 43 wind farms in Germany, Italy, France and Sweden with 955MW installed capacity as well as seven solar parks in Italy and France totaling 74 MW.

The deal is AREF’s fifth since December 2013.

“The European renewable energy secondary market is growing and is thus becoming increasingly important for us,” commented Armin Sandhövel, chief investment officer for infrastructure equity at Allianz Global Investors, Allianz’ alternative investment unit.

The deal will also provide an exit for DIF’s renewable energy fund, after the vehicle sold 32MW of German wind projects in March 2011. The fund reached its final close in 2008 on €134 million.

DIF also manages three infrastructure funds as well as the Ampere Equity Fund, a €320 million renewables vehicle now fully invested that it started managing at the beginning of the year. The firm’s latest fundraising effort reached its conclusion last year when it raised €800 million for DIF Infrastructure III, which had an initial target of €600 million.