Allianz to invest in 960MW offshore wind farm in German North Sea

Allianz is to invest in one of the largest offshore wind farms in Germany, which is expected to start operations at the end of 2025.

Allianz said it will acquire a 16.6% stake in He Dreiht, which is its first direct investment in an offshore wind farm project in Germany .

Upon completion He Dreiht can supply 1.1 million households with clean energy.

He Dreiht is located in the German North Sea, 85 km off the coast of Emden in Lower Saxony and around 110 kilometers west of Helgoland. Upon completion, this will be one of the largest offshore wind farms in Germany with 64 turbines with an output of 15MW. Construction works are to start in 2024.

Allianz Capital Partners, on behalf of the Allianz Insurance Companies, has signed an agreement in a consortium with Norges Bank Investment Management and AIP Management to purchase from German utility EnBW a 49.9% stake in the offshore windfarm He Dreiht. Allianz will acquire a 16.6% stake in the 960MW project.

The majority shareholder EnBW will develop and operate He Dreiht and will offtake the power generated.

“Energy transition and energy security are high on our agenda. Allianz is keen to support the energy transition which is underlined by our first direct investment into offshore wind in Germany. He Dreiht shall supply around 1.1 million households in Germany with green and safe energy while delivering stable and long-term cash yields for our insurance customers”, said Carsten Quitter, Chief Investment Officer, Allianz Group.

“We are very excited about our second investment into offshore wind. This marks another milestone in our commitment to invest in projects that support the expansion of renewable energies and we look forward to delivering on this jointly with our partners”, added Stefan Henge, head of Renewables Europe, Allianz Capital Partners.

Allianz is currently invested in over 100 wind and solar farms. He Dreiht is the second offshore wind farm investment of Allianz. In 2022, Allianz acquired a stake in the offshore wind farm Hollandse Kust Zuid in the Netherlands.

This transaction is expected to close in 3Q 2023.