Munich Re earmarks €2.5bn for renewable assets acquisition
Germany-based re-insurer Munich Re plans to acquire a stake in an offshore wind farm operated by utilities such as EON and RWE.
The move is part of the company's plans to acquire renewable-energy assets worth €2.5bn, funds for which have already been earmarked.
Munich Re's investment arm, MEAG Munich Ergo AssetManagement, is currently in discussions with the utilities to acquire the project once the farm is connected to the grid, reported Bloomberg.
MEAG renewable-energy unit head Robert Pottmann told the news agency, "It would be a grid-connected wind farm developed, financed and operated by a big utility."
Munich and MEAG are also looking to invest in both onshore wind and solar photovoltaic projects across Europe and North America while, Munich may also buy stakes in completed geothermal projects in Germany, added Pottmann.
The company had earlier collaborated with General Electric and Electricite de France to buy acquire a €350m land-based wind farms in France from Iberdrola in December 2012.