Allianz Global Investors, a German company, a 58 MW photovoltaic project—La Coste—located in southern France. The acquistion was made by the company for the Allianz Renewable Energy Fund (AREF). With this new portfolio—composed of six solar parks in Bordeaux—AREF has substantially added to its photovoltaic capacities. All plants are ground-mounted, with grid connections. According to available estimates, the production power of all these plants combined is about 75,000 MW hours of electricity annually. This amount of power, calculations show, can power at least 20,000 households in France.
According to Allianz Global Investors chief investment officer in-charge of infrastructure equity, Armin Sandhövel, the La Coste acquisition proves to be an ideal add-on the existing AREF portfolio. The company said that the solar irradiation of this French solar park is comparatively high, and thus serves as a premium investment. The company’s official said that this solar power park portfolio has furthered the company’s goals with respect to geographical diversification. This will also prove especially beneficial for investors in the company because they will now be able to reap the benefits of solar energy production in Italy, France, and Britain, over and above the electricity that is currently generated via the company-owned solar and wind power parks in Germany. La coste was acquired from BayWa r.e. Renewable Energy GmbH. Earlier in 2014, Allianz Global Investors had acquired the Great Glemham solar park in the UK from the same company.
The current deal will also see BayWa r.e. handling the operations and management at the La Coste solar power park.