NU Online News Service, Dec. 29, 11:44 a.m. EST
Munich Re has concluded a significant investment deal involving wind power plants in Germany.
At the turn of the year, through its asset manager MEAG, Munich Re said it will acquire 40 wind turbines in a total of 11 wind parks with an overall output of 73 megawatts.
The investment for the reinsurance segment, in the low three-digit million range, is part of the RENT program (Renewable Energy and New Technologies), through which Munich Re plans to invest up to $3.33 billion (EUR2.5 billion) in renewable energies and new environmental technologies over the next few years.
Nearly all of the wind parks--in Thuringia, Brandenburg, Mecklenburg-West Pomerania, Saxony-Anhalt and Lower Saxony are already on the grid, Munich Re said. The seller is wpd AG, Bremen, one of the leading project developers and operators in the European wind energy market.
"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 Thomas Blunck, a board member responsible for, among other things, the reinsurance group's investments.
Munich Re launched the RENT investment program at the start of 2010. The investment volume to date has been limited to photovoltaic panels in Germany and other European countries.
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