June 27 (SeeNews) - Allianz Global Investors, the investment manager arm of German financial group Allianz SE (ETR:ALV), has opened subscription for AREF 2, its second fund dedicated to renewable energy investments.
Institutional investors have already subscribed for EUR 190 million (USD 209.2m) of the EUR 300 million that Allianz Global Investors is targeting to raise with AREF 2 by the third quarter of 2016 , the company said last Thursday.
At the end of 2012, Allianz Global Investors launched the Allianz Renewable Energy Fund (AREF 1) as the first closed-end renewable energy fund for its institutional investors. By the start of 2015, the EUR 150 million fund was fully invested in various wind and solar park projects in four European countries.
Similarly, AREF 2 will also target wind and solar projects.
Once the second fund is fully invested, the Infrastructure Equity team at Allianz Global Investors will manage over EUR 1.6 billion of renewable energy related assets, said Dr. Armin Sandhoevel, Chief Investment Officer Renewable Energies / Infrastructure Equity at Allianz Global Investors.
(EUR 1 = USD 1.101)