The Allianz Renewable Energy Fund, S.A. SICAV-SIF (AREF) has acquired two photovoltaic ground mounted parks in Germany, Green Tower II and III.

The plants are located on the former military airbase Preschen in Jocksdorf, Brandenburg, and have a total capacity of roughly 55 MW. Allianz Global Investors had previously acquired solar parks in Italy and Great Britain to diversify its portfolio.

Dr Armin Sandhövel, Chief Investment Officer for infrastructure equity at Allianz Global Investors, emphasized the rarity of the project:

"Changes in the renewable energy act make the future development and construction of such big PV ground mounted parks in Germany unlikely. We are therefore especially pleased that we were able to secure such a profitable project for our investors."

Dr Roland Ilper, managing director of SENTUS FAS which acted as advisor of AB Unternehmensberatung & Beteiligungsgesellschaft mbH, said:

"With Allianz Global Investors as the buyer, we have made an excellent choice. The transaction was realized by both parties very professionally and, after intense and constructive negotiations, led to a result satisfying for all parties involved."

The project is financed by BayernLB and UniCredit Bank. The technical due diligence was done by Centroplan and Fraunhofer ISE, and Linklaters LLP served as legal advisor for Allianz Global Investors. Legal advice to the seller was provided by Heuking Kühn Lüer Wojtek.

The AREF was launched as a closed-end fund for a period of 25 years for institutional investors in 2012 and closed in September 2013. Investors committed approximately €150 million to the Fund.

The fund will invest in renewable projects, wind farms and solar energy parks, and to a lesser extent, in hydroelectric power plants and bioenergy plants. The regional focus of investment is on projects in the euro area.