Munich Re to purchase three wind parks in UK

Aug 13, 2012 - Meag, the asset management arm of German reinsurer Munich Re (ETR:MUV2), said today it will buy three wind parks in the United Kingdom from private equity firm HgCapital.

The wind parks -- Tir Mostyn in North Wales, Scout Moor near Manchester and Bagmoor in Lincolnshire, have a capacity of 21 MW, 65 MW and 16 MW, respectively. Scout Moor is also one of the largest onshore wind parks in the country.

Munich Re will pay a low three-digit million euro sum for the deal, which is part of its Renewable Energies and New Technologies (RENT) programme aimed at investing EUR 2.5 billion (USD 3.1bn).

Meag said that since it launched the RENT programme in early 2011, Munich Re has invested over EUR 600 million via RENT in Europe.

(EUR 1.0 = USD 1.232)

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