Allianz and WKN Windkraft Nord AG have signed two further contracts: Allianz Specialised Investments has acquired two German wind farms already in operation.

KN Windkraft Nord AG has sold the wind energy projects Halenbeck and Kittlitz to Allianz Specialised Investments, an Allianz Group company investing in renewable energy.

The wind farms located in the Federal State of Brandenburg (Germany) have been in operation for several weeks. In Halenbeck, nine Vestas V80 wind turbines with a total installed capacity of 18 megawatts produce environmentally friendly power. On the former coal mining site Seese-West near the small town of Kittlitz, five Vestas V90 turbines each of two megawatt capacity have been erected.

The third joint transaction

Following the first foreign WKN wind energy project in Francofonte (Sicily, Italy) at the end of 2005 and the contract on the German wind farm Freyenstein in mid 2006, this is the third joint transaction of the two companies.

"We are delighted to have convinced Allianz Specialised Investments once again of our experience and knowledge in the field of wind energy," said Michael Ostwald, authorized signatory of WKN AG, on conclusion of the agreement. "The cooperation during the due diligence process was again very professional, smooth and targeted. This deal concludes 2006 and takes us into 2007 with yet another great success for our company."

116 megawatts of wind energy

For Allianz Specialised Investments the investment is a further step in its commitment to long-term investment in renewable energy. Wind energy in particular has great potential for growth and is one of the weapons in the battle against climate change.

"With the addition of these two projects, Allianz’s wind energy portfolio now comprises 116 megawatts either operational or under construction and we expect to grow that considerably in the coming years", points out David Jones, CEO of Allianz Specialised Investments. "It was again a pleasure to work with WKN and we hope to continue this co-operation on other projects to achieve our goals."

About WKN Windkraft Nord AG

WKN AG has planned, installed and operated turnkey wind parks in Germany since 1990. In addition, WKN AG is also expanding abroad and is internationally represented by subsidiaries in numerous European countries and the USA.

WKN AG is part of the innovative "House of Future Energies" corporate network in Husum, an established center of excellence for renewable energy sources in Germany. The company is a wholly owned subsidiary of BGZ Beteiligungsgesellschaft Zukunftsenergien AG, or BGZ AG for short.

Allianz Specialised Investments

As part of the alternative asset investment activities of Allianz, Allianz Specialised Investments is dedicated to the segment of renewable energy investments. Its aim is to build up a long-term portfolio in renewable energy sources, especially wind energy.