Allianz will acquire a new wind farm in northern Germany which produces a total output of 25 megawatts, using offshore turbine technology.
REpower Systems AG (WKN 617 703) has agreed to sell the Büttel wind farm in Schleswig-Holstein (northern Germany), which it developed itself, to a subsidiary of Allianz once it has been successfully put into operation. The wind farm consists of five REpower 5M type wind turbines.
The transaction is currently subject to approval by the relevant antitrust authorities. It was agreed not to disclose the purchase price.
Power for 20,000 households
The wind farm with a total output of 25 megawatts comprises five REpower 5M wind turbines with a hub height of 117 meters and is expected to supply 75 million kilowatt hours (kWh) of energy each year. This amounts roughly to the electricity needs of 20,000 households and annual savings of approximately 50,000 tons of carbon dioxide compared to electricity generated using fossil fuels.
REpower itself performed the project development activities for the wind farm. Also noteworthy about Büttel is that it is the largest wind farm consisting entirely of wind turbines of the 5 MW class which were produced in a mobile production hall in the immediate vicinity of the project location.
Growth in offshore wind sector expected
"The sale of this project to Allianz again proves that wind power is an attractive technology investment for institutional investors. Based on the experience we acquired with ten installed REpower 5Ms, we can demonstrate the positive operating performance of this turbine class and move towards large scale production," said Fritz Vahrenholt, CEO of REpower Systems AG.
David Jones, CEO of Allianz Specialised Investments, added: "We are very pleased to acquire the Büttel project which utilizes REpower's new 5M turbine. Not only is the project an attractive investment in its own right but, in addition, it will provide us with direct operating experience with one of the leading offshore wind turbines. The offshore wind sector is one which we expect to grow considerably over the coming years and is an area where we are actively seeking to invest."
About REpower
REpower Systems AG is one of the leading manufacturers of onshore and offshore wind turbines. The international engineering company develops, produces and sells wind turbines with outputs ranging from 1.5 to 5 megawatts and rotor diameters of 70 to 126 meters for almost all locations. It also provides a comprehensiveservice and maintenance range. The high performance, reliable turbines are designed at the REpower development centre in Rendsburg and produced at the sites in Husum (North Frisia) and Trampe (Brandenburg).
Listed on the stock exchange since March 2002 and with over 1,000 employees worldwide, the Hamburg-based company relies on its experience in the production and installation of more than 1,500 wind turbines worldwide. REpower is represented in European markets such as France, the United Kingdom, Italy, Portugal and Spain and in the international markets of the US, Japan, China and Australia through its sales partners, subsidiaries and investments.
About 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.
