Allianz : Global Investors acquires three British solar farms

Allianz Global Investors announced on Tuesday that the Allianz Renewable Energy Fund 2 (AREF2) has added three British solar parks to its portfolio. The three solar parks are located in Cambridgeshire, Worcestershire and Norfolk.

Allianz Global Investors
Munich, Jan 31, 2017

AREF2's purchase of "Mount Farm" in the West Midlands was completed in December 2016. The closing of the two additional projects, "Vine Farm" and "Rose & Crown", in the East of England took place on January 26, 2017. The total capacity of these additions to the portfolio amounts to 100 MWp, with the transaction led by Thomas G. Engelmann.

This UK solar portfolio is the third acquisition AllianzGI's second closed-end renewable energy fund has made, following the purchase of wind farms in Germany and Sweden.

For Armin Sandhoevel, Chief Investment Officer (CIO) for Infrastructure Equity at Allianz Global Investors, solar energy in the UK is an ideal addition to the portfolio: "Regardless of any upcoming changes to the political fabric, we firmly believe in the long-term attractiveness of the British solar market. The purchase of these three solar parks is a perfect way to regionally diversify the AREF2 portfolio."

According to the latest statistics, the hours of sunshine in these regions of England are comparable with those in southern Germany. In the past year, long-term electricity purchase agreements were negotiated for all three solar projects. The seller BayWa r.e. renewable energy GmbH is mandated to manage the commercial and technical business operations.

The subscription period for AREF2 ended on November 15, 2016. The Fund's 350 million Euros will chiefly be invested in European wind and solar parks on behalf of institutional investors. Once AREF2 is fully invested, the Infrastructure Equity team at Allianz Global Investors will manage around 1.6 billion Euros in renewable energy and infrastructure projects.

About Allianz Global Investors
Allianz Global Investors is a diversified active investment manager with a strong parent company and a culture of risk management. With 25 offices worldwide, we provide global investment and research capabilities with consultative local delivery. We have more than 481 billion Euros in AUM for individuals, families and institutions worldwide and employ over 500 investment professionals
At Allianz Global Investors, we follow a two-word philosophy: Understand. Act.
It describes how we look at the world and how we behave. We aim to stand out as the investment partner our clients trust by listening closely to understand their challenges, then acting decisively to provide them with solutions that meet their needs. (Data as at September 30, 2016)