With the oil price at over
$100 per barrel alternate energy sources are making increasing
sense financially. For Allianz it represents a vindication of a
€1bn ($1.35bn) investment in wind and solar power, spearheaded by
the company’s Allianz Specialised Investments (ASI)
unit.
“Renewable energy is an area
that generates attractive returns, irrespective of capital market
fluctuations,” said ASI CEO, David Jones.
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“With operating lives of 20
years and more, this asset class is a good fit for Allianz’s
long-term investment strategy.”
ASI’s first investment in
alternative energy was in 2005 in an Italian wind farm. Solar power
followed in 2010 with the purchase from BP Solar Italy of six solar
parks in Italy. ASI now has 30 wind farms and solar parks with a
total energy output of 600 megawatts, enough to supply power to
250,000 houses.
Getting in on the alternate
energy scene in another way, Munich Re has announced that it is
underwriting a five-year technical guarantee on wind turbines
produced by German firm Fuhrländer.
Munich Re claims the cover is
a world’s first.
