Allianz has acquired 100 percent of Aero-fonte S.r.l., the project company for the 72-megawatt Francofonte wind farm to be constructed in south-eastern Sicily. The developer of the project, Aero-sol S.r.l., based in Catania, is a joint venture company set up by leading German project developer WKN Windkraft Nord AG with local partners.
Thomas Pütter, one of the heads of the future Allianz Alternative Assets Holding says: "Investments like this one in renewable energies, especially wind, offer an attractive yield with an acceptable risk profile. They will generate an attractive annual income stream."
First Allianz wind farm investment
The Allianz Group is making its first investment in a wind farm project in Sicily, Italy, five months after announcing a stronger focus on renewable energies. It will be one of the largest wind farms built in Italy so far, planned to start operating in April 2007.
Interviews with Thomas Pütter and David Jones
Vestas V90 3-megawatt wind turbines will be used for the first time in Italy Photo: Vestas
David Jones: "We hope to develop further investments"
First investment for Allianz Specialised Investments
This transaction represents the first investment under Allianz’s strategy of investing in long-term renewable energy projects. Wind energy in particular is considered to be a strong growth sector and one of the main opportunities presented by the need to tackle climate change.
David Jones, Chief Executive of Allianz Specialised Investments, says: "Having announced our renewable energy investment initiative in June, it's now very pleasing to be moving ahead with our first investment, which is a material project in an attractive and growing market for renewable energy. We are pleased to be working with both Vestas and WKN, and hope to develop further investments with them in due course."
David Jones, Chief Executive of Allianz Specialised Investments, says: "Having announced our renewable energy investment initiative in June, it's now very pleasing to be moving ahead with our first investment, which is a material project in an attractive and growing market for renewable energy. We are pleased to be working with both Vestas and WKN, and hope to develop further investments with them in due course."
Electricity for 46,000 households
The Francofonte wind farm will comprise 24 Vestas V90 3-megawatt wind turbines, used for the first time in Italy. WKN will supervise the construction and be responsible for operational management.
The wind farm is scheduled to start operating in April 2007. Francofonte will be one of the largest wind farms in Italy built so far, generating 111 million kilowatt hours per annum - enough electricity to supply the needs of more than 46,000 households.
The wind farm is scheduled to start operating in April 2007. Francofonte will be one of the largest wind farms in Italy built so far, generating 111 million kilowatt hours per annum - enough electricity to supply the needs of more than 46,000 households.
Pledge to invest 300 to 500 million euros
In June, the Allianz Group marked the publication of the report "Climate Change & the Financial Sector: An Agenda for Action" with a pledge to grow investments in renewable energies by 300 to 500 million euros over the next five years. Allianz Specialised Investments has become part of the newly formed Allianz Alternative Assets Holding (AAA-Holding), led by Karl Ralf Jung and Thomas Pütter.
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