Allianz has started 2019 in a strong position following the acquisition of a second subsidy free solar market project in Portugal. Portugal is one of the leading countries in producing clean energy, with wind solar and hydro power forming 50% of its energy output.
The project, titled ‘Solera,’ will be the largest project in Portugal. The site is located 230km from South-East Lisbon, and will offer huge economic improvement to Vaqueiros with the creation of 1,500 jobs.
Marc Groves-Raines, Head of Renewables at Allianz Capital Partners, said: “Allianz is one of the leading investors in renewable energies in Europe as we aim to lead our industry in integrating ESG (Environmental, Social and Governance) factors into our investment businesses.”
This is not the company's first solar project. Allianz took on their first investment of Iberia’s solar farm in Ourique, Portugal.
Groves-Raines continues: “this is already our second investment in Portugal in the subsidy free area in combination with a PPA. We are delighted to partner again with WElink on this attractive solar project. With our 9th solar investment Solara we will have more than 90 projects in our renewables portfolio,”
Allianz has nine solar farms and 83 wind parks located across Austria, Finland, France, Germany, Italy, Portugal, Sweden and the United States. The total energy output of these locations can power over a million homes.
Construction for the project is already underway. By its completion, the production capacity of the solar project will produce 219 MW, providing clean energy for over 100,000 houses per year.