STEAG secures Allianz Global Investors as partner for wind farms in France
Essen. Essen As part of its active portfolio management, the Essen-based energy company STEAG is selling a 49 percent stake in its wind farm portfolio in France to an infrastructure fund managed by Allianz Global Investors, the investment manager of the Insurance corporation from Munich. A contract to this effect was signed at the end of November. The transaction, which will take retroactive effect as of January 1, 2017, is subject to the approval of the relevant anti-trust authorities. Both parties have agreed not to disclose the purchase price.
The sale of the stake in the French wind farm portfolio with a total capacity of 94 megawatts was preceded by an open, transparent and competitive bidding process in which Allianz Global Investors was able to establish itself as the successful bidder. The stake is purchased by the Allianz Renewable Energy Fund II, an infrastructure fund managed by Allianz Global Investors for institutional investors.
Retaining a 51 percent stake, STEAG remains the majority shareholder of the wind farms and continues to be in charge of their commercial and technical management.
“We are very satisfied with the outcome of the transaction. In the form of Allianz Global Investors, we have found a prestigious partner who has confidence in our ability to manage