Germany’s Allianz Global Investors has acquired the 58 MW French photovoltaic project La Coste on behalf of the Allianz Renewable Energy Fund (AREF).
The portfolio consists of six solar parks located in the southern French region of Bordeaux. The ground-mounted plants are connected to the grid and have a combined installed capacity of 58 MW and an estimated production of some 75,000 megawatt hours of electricity a year — enough to power approximately 20,000 French households.
Armin Sandhövel, chief investment officer, Infrastructure Equity, at Allianz Global Investors, says La Coste is an ideal addition to the AREF portfolio: "Based on its comparatively high solar irradiation, this French solar park portfolio is another premium investment and has allowed us to achieve our technical and geographical diversification goals with respect to the investment of AREF’s total shareholder capital of 150 million within just 12 months. In addition to the electricity generated by our German solar and wind parks, our investors now also participate in the solar energy of France, Great Britain and Italy."
Allianz Global Investors acquired La Coste from BayWa r.e. renewable energy GmbH, from which it also acquired the British solar park Great Glemham on behalf of AREF in June.
As part of the La Costa deal, BayWa r.e. will also handle operations and management.
HSH Nordbank is financing the transaction for Allianz Global Investors.
The Allianz Renewable Energy Fund, part of German multinational financial services and insurance giant Allianz, was launched as a closed-end fund for institutional investors in December 2012 and closed in September 2013. Investors committed approximately 150 million to AREF.