Allianz enters the solar market with first acquisitions in Italy thanks to an agreement with BP Solar.
Allianz has acquired six solar parks of up to 1MWp each from manufacturer, developer, constructor and operator BP Solar Italy. Located in the municipalities of Brindisi and Mesagne in the Puglia region of Italy, the solar parks utilize BP Solar mono- and poly-crystalline panels on a fixed installation. The solar parks have been operating since the end of 2009. An additional two solar parks (of up to 1MWp each) are awaiting completion of construction at which stage these will be purchased under the agreement with BP Solar Italy.
With this agreement BP Solar confirms its position as a leading company in the Italian Solar Industry having an important number of projects ongoing in this market.
David Jones, CEO of Allianz Specialised Investments, said: "We are very pleased to have made our first solar park investment. The solar industry is of strategic importance to us and we are keen to build on this initial success and develop our portfolio in Italy and across other key European markets."
As one of the many climate related activities of the Allianz Group, solar power was established by Allianz Climate Solutions as a new asset class and Allianz Specialised Investments is now responsible for Allianz Group investments in solar power in addition to its existing remit in wind.
Reyad Fezzani, Chief Executive Officer of BP Solar, said: "This landmark deal in Italy is the first collaboration between Allianz, a leader in the insurance and financial services sector and BP Solar, a leader in the solar industry. We look forward to growing this partnership in Europe to meet the demands of the expanding solar market."
About BP Solar
BP Solar, part of BP Alternative Energy, is a global company with about 1,600 employees. BP Solar designs and markets solar energy products and provides complete solar energy solutions for the residential, commercial, industrial and utility sectors. With over 37 years of experience and installations in most countries, BP Solar is one of the world's leading solar companies. BP Solar invests more than 10 million US dollars annually in photovoltaic research and development.
