AREF buys 19.5MW UK solar farm(2)

The purchase marks the third deal by Allianz’s €150m renewables fund since December.

Germany’s Allianz Renewable Energy Fund (AREF) has bought the Great Glenham solar farm, a 19.5 megawatts (MW) plant based in the UK.

The facility, acquired from German developer BayWa renewable energy, came on stream last autumn. Located about 160 kilometres northeast of London, it is expected to generate an annual output of 19 gigawatt hour, enough to provide power to around 4,750 UK homes.

The plant also has a long-term power purchase agreement in place and receives 1.6 Renewable Obligation Certificate (ROC) per megawatt hour, as part of the UK’s Renewable Obligation subsidy program.

The deal marks the third acquisition by AREF over the last few months, following its investment in an Italian solar plant in December 2013 and a German wind farm last February.

Launched in 2012, AREF reached a close in September 2013 on €150 million. It is managed by Allianz Capital Partners, the alternative investment arm of German insurer Allianz.

The unit has a total renewable energy capacity of more than 1000MW, with a portfolio comprising 43 wind farms in Germany, France, Italy and Sweden and seven solar parks in Italy and France, according to the company’s website.