With this investment, Allianz’s commitment to the European renewable energy sector exceeds 1.5 billion euros in 36 wind farms and 7 solar parks which together generate sufficient renewable energy to supply over 400,000 households.
Allianz will provide a loan facility to construct the wind farm during 2013 and 2014 and take over ownership of the asset once it is successfully commissioned and O2 will manage the technical and commercial operation of the wind farm under a management agreement. For a period of ten years, all electricity produced by the windfarm will be sold to Google under a power purchase agreement announced on 4th June 2013. Google will use the windfarm's output to power its datacenter in Finland with renewable energy.