Munich Re continues investing in solar parks

MEAG has purchased another portfolio of four photovoltaic plants in Italy for Munich Re, with a total output of 29.3 MW. Vendor is the Spanish developer Fotowatio Renewable Ventures. BP Solar, one of Europe's leading general contractors in the photovoltaic field, built these plants. The parties agreed to maintain confidentiality with regard to the purchase price.

The investment is part of Munich Re's RENT programme (Renewable Energy and New Technologies), through which Munich Re intends to invest up to € 2.5 billion in renewable energies and new technologies in the coming years. "With RENT we are adding sustainable investments to our investment portfolio with a calculable risk and attractive returns," says MEAG Managing Director in charge of portfolio management, Dieter Wolf.

MEAG in Munich is the asset manager of Munich Re and ERGO. With offices in New York and Hong Kong, MEAG has an international orientation and also manages the assets of clients outside Munich Re und ERGO. MEAG currently manages assets to the value of around € 202 billion.