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Allianz’ newly closed fund to buy 142MW wind portfolio

The German firm will invest via its €350m second renewables vehicle in a transaction that values the pool of assets at €330m.

Allianz Capital Partners has agreed to acquire a portfolio of wind farms totalling 142MW from German developer PNE.

The transaction, which values the pool of assets at €330 million, is the largest sale ever made by PNE. Allianz is buying 80 percent of the portfolio, with the developer retaining the balance.

As part of the deal, which remains subject to regulatory clearance, Allianz also acquired an option for a 10MW wind farm currently awaiting full permitting. The facilities in the portfolio produce enough power to supply about 125,000 households.

The firm will invest via the Allianz Renewable Energy Fund 2, which closed last month on €350 million, €50 million above its original target. The vehicle, which had held a €150 million second close in June, has already invested in its first asset, the 12.8MW Bohult wind farm in Sweden.

More recently, Allianz Capital Partners was part of the consortium that won an auction to acquire a 61 percent share in the domestic gas distribution business of UK utility National Grid.

The £13.8 billion ($17.2 billion; €16.5 billion) deal, led by Macquarie Infrastructure and Real Assets, will also see China Investment Corporation Capital (10.5 percent), the Qatar Investment Authority (8.5 percent), and UK-based funds Hermes Investment Management (8.5 percent), Amber Infrastructure (4.4 percent) and Dalmore Capital (4.4 percent) plough capital into the four regulated network.

Allianz will own 10.2 percent of the business after completion of the transaction, which is expected for the first quarter of next year.