Munich Re, via its asset manager MEAG, has concluded what is described as “a significant investment deal” involving wind power plants in Germany.
The deal has seen the underwriting group acquire 40 wind turbines in a total of 11 wind parks with an overall power output of 73 megawatts.
The investment for the reinsurance segment was said by the company to be in “the low three-digit million [Euro] range” and forms part of the RENT programme (Renewable Energy and New Technologies), through which Munich Re plans to invest up to €2.5bn in renewable energies and new environmental technologies over the next few years.
"This acquisition shows how Munich Re can profit from its expertise in the Group. Our scientists determine the meteorological suitability of locations for wind power plants, while our engineers assess the technical aspects of the plants, their risks and performance. We will also use this know-how in the future to build up investments in renewable energies and to achieve attractive returns," said Board member Thomas Blunck, responsible among other things for the reinsurance group's investments.
Nearly all of these wind parks in Thuringia, Brandenburg, Mecklenburg-West Pomerania, Saxony-Anhalt and Lower Saxony are already on the grid. The seller is wpd AG, Bremen, one of the leading project developers and operators in the European wind energy market.
Munich Re launched the RENT investment programme at the start of the year. The investment volume to date, in the low three-digit million range for insurance and reinsurance, has been limited to photovoltaic panels in Germany and other European countries. Munich Re's asset manager MEAGis responsible for selecting and managing the investments