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Allianz ramps up UK portfolio with 100MW solar buy

The acquisition of three plants, including one of the country’s largest, brings AREF2’s portfolio to about 255MW just two months after closing.

Allianz Global Investors has secured the purchase of three UK solar parks with a total capacity of 97.3MW through its €350 million renewable energy vehicle.

The three projects were all bought from German developer BayWa and include the 22.3MW Mount Farm facility, the 30MW Rose and Crown solar farm and the 45MW Vine Farm project. The latter’s size makes it among one of the country’s largest solar parks.

Allianz declined to disclose the purchase price for the deal.

The investment is the third agreed by Allianz’s Renewable Energy Fund 2 after it bought a 12.8MW wind project in Sweden and a 142.5MW wind portfolio in Germany in the two months since closing. Chief investment officer Armin Sandhövel hailed the deal in spite of Brexit and dwindling opportunities in the UK market due to subsidy cuts.

“Regardless of any upcoming changes to the political fabric, we firmly believe in the long-term attractiveness of the British solar market,” he said. “The purchase of these three solar parks is a perfect way to regionally diversify the AREF2 portfolio.”

Allianz and BayWa previously teamed up on a deal in June 2014, when AREF2’s €150 million predecessor bought the 19.5MW Great Glemham project.