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Allianz to acquire the largest subsidy-free solar project in Portugal

Allianz SE | Munich | Dec 18, 2018

  • Largest solar project without public subsidies in Portugal
  • Production capacity of 219 MW
  • Clean energy for over 100,000 households per year

Allianz Capital Partners on behalf of Allianz insurance companies (“Allianz”) has signed the acquisition of the 218.8 megawatt (MW) Solara project (“Solara”) in Portugal.  Construction works for Solara have already started.

The commissioning of the project is planned for summer 2019.

After the acquisition of Iberia´s first subsidy free solar farm in Ourique, Portugal (“Ourika”) in October this year, Solara is the second investment in a solar project without public subsidies for Allianz. 

Solara is located in Southern Portugal, around 230 km south-east of Lisbon. Portugal is one of the leading European countries in producing clean energy with more than 50 percent of energy coming from wind, solar and hydro. Solara will be the largest solar project in Portugal.

With its capacity of 218.8 MW Solara can provide renewable energy for approximately 100,000 average households of the region per year. This would be sufficient to supply a city the size of Porto with energy for one year.

Solara is an important project for the area of Vaqueiros that is recently impacted by declining population. The project will bring economic benefit to the area, and 1,500 people will be employed on site through construction.

Solara has agreed terms for a 20-year fixed price power purchase agreement (PPA).

 “Allianz is one of the leading investors in renewable energies in Europe as we aim to lead our industry in integrating ESG (Environmental, Social and Governance) factors into our investment businesses. This is already our second investment in Portugal in the subsidy free area in combination with a PPA. We are delighted to partner again with WElink on this attractive solar project. With our 9th solar investment Solara we will have more than 90 projects in our renewables portfolio,” says Marc Groves-Raines, Head of Renewables at Allianz Capital Partners.

Allianz equity investments in the renewable energy sector amount to 9 solar farms and 83 wind parks located in Austria, Finland, France, Germany, Italy, Portugal, Sweden and the United States. The wind and solar parks of Allianz generate enough renewable energy to supply over a million households.

About Allianz Capital Partners

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.

About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with over 600 investment professionals in over 20 offices worldwide and managing EUR 533 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.
Data as at 31 December 2023. Total assets under management are assets or securities portfolios, valued at current market value, for which Allianz Global Investors companies are responsible vis-á-vis clients for providing discretionary investment management decisions and portfolio management, either directly or via a sub-advisor (these include Allianz Global Investors assets which are now sub-advised by Voya IM since 25 July 2022). This excludes assets for which Allianz Global Investors companies are primarily responsible for administrative services only. Assets under management are managed on behalf of third parties as well as on behalf of the Allianz Group.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 746 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of March 31, 2024.

Press contacts



Pia Groeger
Allianz Capital Partners
+49 89 1220 8267
Send email

Cautionary note regarding forward-looking statements

As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

Further information

Sustainability@allianz

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