Today, Allianz Capital Partners on behalf of Allianz insurance companies (“Allianz”) and the Allianz European Infrastructure Fund has signed an agreement to purchase from Galp Energía S.A. (“Galp”) a 75 percent stake in Galp Gás Natural Distribuição (“GGND”).
GGND is a regulated distribution network with a length of over 13,000 km that is serving c.1.1 million households, including the country's capital of Lisbon. GGND's network is one of the most modern distribution networks in Europe.
Almost 95 percent of GGND's network consists of low-pressure polyethylene (“PE”) pipes, which can be utilized for distribution of hydrogen, synthetic natural gas or biomethane.
Furthermore, these PE pipes provide for an extended service life as well as lower maintenance costs and leakage rates.
Christian Fingerle, Chief Investment Officer at ACP, says: "We are pleased to be investing in GGND, which is our first direct infrastructure investment in Portugal. We look forward to supporting jointly with GGND and our partners this critical infrastructure which contributes to the decarbonization plan of the Portuguese economy and can become an important enabler for the energy transition towards renewable gases while delivering long-term, risk adjusted returns for our insurance customers and investors."
The transaction is subject to regulatory approvals and is expected to close in Q1 2021.
Allianz Capital Partners is one of the Allianz Group's asset managers for alternative equity investments and part of Allianz Global Investors. Allianz Capital Partners manages over 56 billion euros in alternative assets for the Allianz Group and third-party investors**. Our investment focus is on private equity, infrastructure and renewable energy. Our investment strategy aims to generate attractive, long-term and stable returns for our clients.
As of March 31, 2023.
