Closing took place on December 9. The portfolio, with a total output of just under 60 MWp, consists of six linked freestanding plants near Bordeaux and Toulouse. This corresponds to eight percent of the PV capacity installed in France during 2013.
Matthias Taft, Chairman of the Management Board of BayWa r.e., said:
"The successful implementation and sale of our largest solar farm to date is a milestone in the company's history, enabling us to continue our excellent collaboration with Allianz Global Investors. We are glad to be continuing to manage the project with our own staff, thereby ensuring that services are carried out to our usual high standard."
As general contractor, BayWa r.e. realised the solar farm portfolio together with various partners within a year. Despite difficult working conditions due to the severe wet weather during winter 2013/2014, the company was able to complete all plants on time. Fontenet, the final section, went operational in September 2014. The power generated at La Coste is exported to the public grid. With an annual power production of over 75,000,000 kWh, the plant supplies around 20,000 French households a year with renewable energy.
Dr. Armin Sandhövel, Chief Investment Officer (CIO) for Infrastructure Equity at Allianz Global Investors is convinced:
"The French solar project is another first class investment that has enabled us to spread the assets of the Allianz Renewable Energy Fund (AREF) across a wide range of geographical and technical areas. Following on from the acquisition of Great Glemham in the UK, we are happy to be extending the successful partnership with BayWa r.e. to France. With La Coste, the AREF has now been fully invested."
BayWa r.e. has been active in the French renewables sector since 2005. Before the current large-scale project, the company implemented several wind farms and smaller solar farms in various regions of France.
Allianz Renewable Energy Fund has recently acquired 100% of the 8MW SiSen solar photovoltaic plant located in Foggia, in the southern Italian region of Puglia.
Before but also in December 2014, the DIF Renewable Energy Fund closed the sale and purchase agreement (SPA) with the Allianz Renewable Energy Fund for the sale of 9 operational wind projects in Germany.