Allianz renewable fund acquires two wind parks in Germany
- Allianz Renewable Energy Fund (AREF)
Related M&A Transactions
The infrastructure equity team at Allianz Global Investors has acquired the two wind parks, Rehfeld 12 MW and Göllnitz-West 24 MW in the German federal state Brandenburg from UKA Umweltgerechte Kraftanlagen GmbH & Co. KG. The transaction was executed through the Allianz Renewable Energy Fund.
Both plants are located close to the wind park Proschim 11 MW which the investment team - led by Roderick MacDonald - had already acquired at the end of January 2014.Dr Armin Sandhövel, CIO Infrastructure Equity at AllianzGI, commented:
Germany currently offers many first-rate opportunities for investments in onshore wind parks. The wind resource in Brandenburg is especially favourable, which leads to many benefits and the fact that more than 3000 wind turbines have been erected in this region speaks for itself.
The total capacity installed of all three wind parks combined amounts to approximately 47 MW. This number corresponds to roughly 125,000 MW hours of clean and eco-friendly electricity which, in turn, is sufficient for 38,000 three-person households.All three wind parks were planned and constructed by the German wind park developer UKA Umweltgerechte Kraftanlagen GmbH & Co. KG. Gernot Gauglitz, managing partner of the UKA group of companies, stated:
Onshore wind energy is the most efficient and most important renewable energy. We are happy that, with Allianz Global Investors, we have won a partner that believes in this energy resource and with its engagement helps to expedite the energy turnaround.
The financing bank of all three non-recourse deals is Commerzbank AG. For each transaction, TÜV SÜD acted as technical advisor and with respect to the legal and tax advice, AllianzGI collaborated with Watson, Farley & Williams LLP. UKA's legal advisor was Lenga, Wähling & Partner in all three transactions.
The Allianz Renewable Energy Fund was launched as a closed-end fund for institutional investors in 2012 and closed in September 2013. Investors committed approximately €150 million to the fund.