Allianz snaps up 8-MW solar park in Italy

Dec 9, 2014 - The renewable energy fund of German insurer Allianz SE (ETR:ALV) has purchased an 8-MW solar photovoltaic (PV) park in southern Italy.

The asset was acquired by Allianz Global Investors on behalf of the Allianz Renewable Energy Fund SA, the latter said on Monday. Financial details of the deal were not provided. Norton Rose Fulbright acted as Allianz’s legal advisor in the transaction.

The SiSen plant is situated in the region of San Giovanni Rotondo, Puglia. The facility generates about 12,280 MWh of electricity each year, which is enough to meet the demand of over 3,000 homes. It operates under Italy’s feed-in tariffs (FiTs) programme.

Including the SiSen plant, the Allianz Renewable Energy Fund owns PV assets in three European countries and also operates wind farms in Germany.

This summer, the Italian government approved a decree that lowered solar FiTs for operational plants bigger than 200 kW and changes the way payments are being made throughout the year. The reduction is aimed at saving EUR 1.5 billion (USD 1.9bn) annually, thus allowing the Italian government to cut energy bills by 10%, as promised.

(EUR 1.0 = USD 1.234)

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