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Allianz to raise clean-energy spending, may buy US wind farms

Thursday, June 18, 2015 - 17:21

[BERLIN] Allianz SE is boosting its investments in clean-energy in the coming years and is looking to enter the US wind market.

The insurer's Allianz Deutschland unit will raise its annual investment into renewables, mainly wind, about 75 per cent to 350 million euros (US$398 million), bringing total Allianz clean-energy investments to 500 million euros in 2015, spokeswoman Julia Roebke said Thursday.

"We may even do more if good opportunities come along," she said by phone.

Allianz is also in talks for the first time to invest in wind farms in the US and is "open" to co- investing in offshore wind farms, for example via a joint venture with an experienced utility, she said. So far, the company hasn't yet identified a good offshore opportunity.

Allianz is one of the biggest institutional investors in clean energy, with about 2.4 billion euros of renewable assets under management. While its core investment markets have been Germany, France, Italy and Sweden, Allianz is open to enter more European markets since they become attractive, it said Wednesday.

BLOOMBERG