Munich Re acquires 102MW UK wind portfolio

14 August 2012 (Last Updated August 14th, 2012 18:30)

German reinsurer Munich Re’s asset management arm, MEAG, has acquired a major UK wind portfolio from HgCapital and Peel Energy for an undisclosed amount.

German reinsurer Munich Re's asset management arm, MEAG, has acquired a major UK wind portfolio from HgCapital and Peel Energy for an undisclosed amount.

With a total capacity of 102MW, the portfolio comprises three wind farms including the 65MW Scout Moor wind farm near Lancashire the 21.25MW Tir Mostyn wind farm in North Wales and the 16MW Bagmoor wind farm in Lincolnshire.

Holger Kerzel, MEAG managing director, said: "We are adding more sustainable investments with calculable risk and attractive returns to our portfolio, leveraging the know-how of the entire Group.

"Great Britain is an attractive venue for investments in renewable energies because of its stable regulatory environment and the favourable wind conditions there."

Since the initial investment in early 2011, Munich Re has invested more than €600m around Europe within the scope of its RENT investment programme.

MEAG is represented in Europe, Asia and North America and currently manages assets to the value of around €226bn.

HgCapital, after this sale, will continue to have controlling stakes in UK's RidgeWind, which has 44MW of wind farms in construction and 34MW fully permitted and ready to start construction farms, according to the company the website.