Munich Re's Ergo gets 37% stake in portfolio of solar plants in Spain, Italy

Jul 19, 2011 - Munich Re's (ETR:MUV2) subsidiary Munich Ergo AssetManagement GmbH (MEAG) has acquired a 37% stake in a diversified portfolio, comprising 34 solar parks in Spain and eight in Italy, MEAG announced on Monday.

The photovoltaic (PV) power plants have a total output of 168 MW, MEAG said.

In addition, KKR Infrastructure Fund is acquiring a stake of 12% in the solar parks portfolio.

PV plants developer Grupo T-Solar will remain majority shareholder with a shareholding of 51% and will also be responsible for the commercial management of the parks.

The parties agreed not to disclose details on the purchase price of the deal, which is pending the approval of the antitrust authorities.

The investment is part of Munich Re's Renewable Energy and New Technologies (RENT) programme, which foresees investments of up to EUR 2.5 billion (USD 3.5bn) in the renewable energy sector in the next years.

(EUR 1.0 = USD 1.408)

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