AllianzGI weighs third renewables fund

After previous Europe-focused vehicles of €150m and €350m, the firm is now looking at the US clean energy market.

Allianz Global Investors is considering launching its third renewables fund, expanding its reach to the US market.

The investment manager’s previous renewables funds – the €150 million Allianz Renewable Energy Fund, launched in 2013 and the €350 million AREF II, launched in 2015 – were both focused on the European market. The new fund would broaden its scope to the US, reflecting the growing importance of that renewables market.

The firm does not yet have a launch date or a target size for its third fund.

AllianzGI entered the US market in May 2015 with a $700 million debt investment in the Indiana Toll Road. In June, the firm made its first solar debt deal in the US market, serving as the anchor investor in the 250MW Moapa Southern Paiute Solar Project in Nevada with an investment of just over $200 million.

Headquartered in New York, Allianz holds around €480 billion in assets under management. Along with its two renewables funds, the firm also raised a €500 million UK debt fund, which was fully deployed as of June. The firm is expected to launch a second UK debt fund this year.