June 4 (Renewables Now) - German insurance group Talanx AG (ETR:TLX) has agreed to transfer the technical and commercial operations management of its 300-MW-plus onshore wind farm portfolio to Munich-based BayWa r.e. renewable energy GmbH.
Talanx said Monday that the renewables unit of German diversified group BayWa AG (ETR:BYW6) will take over the job from the wind farms’ current seven operators. The insurer’s onshore wind portfolio consists of 112 turbines located across France and Germany.
"Overall management by a single provider lets us work on a more cost-effective and focused basis on the investor side because we are considerably simplifying the operational processes - especially reporting processes - and are thus able to concentrate more on creating value added in the portfolio," Dr Peter Brodehser, Head of Infrastructure Investments at Talanx, said.
The group’s direct investments in renewable energy projects, mainly wind and solar, have surpassed EUR 1.3 billion (USD 1.5bn). The group says it has stopped providing insurance coverage for new coal-fired power plants or coal mines.
(EUR 1.0 = USD 1.12)