We are pleased to announce that we have provided financing totaling approximately €300m for the Gecama Hybridisation Project in Spain, a pioneering renewable energy project that will integrate wind, solar and battery energy storage facilities to support the delivery of electricity at any time.

The project, developed by Enlight, will have a combined capacity of 554 MW and 220 MWh, making it Spain's largest hybrid renewable energy complex. BNPP acts as Enlight’s exclusive financial advisor and the financing is structured as a bond issuance for institutional investors, with maturity dates in 2045 and 2046. DLA Piper acts as legal advisor to Enlight and Linklaters as the legal adviser to MEAG and the bondholders.

This transaction marks a significant milestone in the development of Spain's renewable energy sector, and we are proud to have played a role in supporting this innovative project. The Gecama Hybridisation Project will not only provide renewable energy to the grid but also enhance power supply stability and contribute to Spain's national plan to combat climate change.

The hybrid project will deliver renewable energy around the clock by combining technologies that generate electricity at different times of day with a battery storage system that enables optimized use of energy resources. The storage system will support peak shifting - storing electricity when prices are low and discharging during periods of high demand - thereby enhancing the project’s profitability. It will also provide essential grid services, such as frequency response, helping to stabilize the power system through rapid charge and discharge capabilities.

Benjamin Hemming, MEAG’s Head of Illiquid Assets Debt: "We are thrilled to have supported Enlight in this groundbreaking project, which showcases the potential for hybrid renewable energy solutions to transform the way we generate and consume energy. The Gecama Hybridisation Project is a testament to the innovative spirit of our partners and the growing demand for sustainable energy solutions. We are proud to have worked alongside Enlight and other stakeholders to bring this project to life, and we look forward to seeing its impact on Spain's energy landscape."

Isil Tanriverdi Versmissen, MEAG’s Head of Infrastructure Debt Transactions: "The Gecama Hybridisation Project is a perfect example of the power of collaboration and innovative financing solutions in driving the transition to a low-carbon economy. We would like to extend our appreciation to Enlight for their vision and leadership in developing this project, and to our deal team for their tireless efforts in bringing this complex transaction to a successful close. As a debt provider, we are committed to supporting projects that contribute positively to the environment and the communities they serve, and we believe that the Gecama Hybridisation Project will be a landmark example of this commitment in action."

MEAG is the asset manager of Munich Re. With branches in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €360bn, €62bn of which for non-Group investors.

MEAG has secured a mandate from a major Dutch pension fund to invest €1bn in infrastructure debt assets. It includes the build-up of a diversified portfolio of infrastructure debt investments in Western Europe, encompassing a broad range of sectors such as renewable energy, transport, telecommunications, and social infrastructure. This mandate builds on MEAG’s established infrastructure debt portfolio with more than €12 bn from institutional clients over the past 11 years.

Thomas Bayerl, Board Member and Global Head of Illiquid Assets at MEAG: “This mandate demonstrates that pension investors increasingly recognize the value of infrastructure debt in delivering attractive, risk adjusted returns and its ideal characteristics for meeting asset-liability management requirements. The highly disciplined and cautious investment process we have established for our investors is ideally suited to meet our client’s high standards of risk management and strong returns.“

Heiko Wunderlich, Chief Sales Officer at MEAG: “We would like to thank our new client for the trust they have placed in us. This mandate is one of the largest we have won in the infrastructure debt asset class to date and represents a significant milestone in our success story. It underlines our unerring dedication to alternative assets and strengthens our presence among international investors. This achievement is a testament to the excellent collaboration between our team and the client.”

Behring Khan (Europe) GmbH, a specialist alternatives adviser, provided strategic guidance throughout the structuring and implementation of the mandate. Moving forward, Behring Khan will continue to oversee and maintain the mandate.

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €360bn, €62bn of which for non-Group investors.

A consortium led by MEAG together with Soya Group is acquiring 12.4% of Stora Enso's forest holdings in Sweden. The assets span approximately 175,000 hectares, which is nearly the size of the island of Mauritius, and are located across multiple districts in central Sweden. The transaction is valued at approximately €900m and is expected to be completed during the third quarter of 2025.

In connection with the transaction, the consortium will also enter into long-term supply and service agreements with Stora Enso. As one of Sweden’s largest forest owners, Stora Enso is recognized for its professional property management and their associated forest products businesses. Following the transaction, Stora Enso will retain a 15% ownership in the entity. SEB acted as financial and debt advisor and Roschier as legal advisor to the consortium led by MEAG together with Soya Group.

Hans-Joachim Seyfarth, Head of Illiquid Assets Natural Capital, MEAG: “This transaction is our first in Sweden. The Swedish forestry market is attractive and is one of the few in Europe where forestry can be acquired on attractive terms. With its stable value development and proven resilience, forestry investments are an ideal addition to a broadly diversified portfolio of institutional investors. We look forward to continuing to work with our partners.”

The sustainably managed forests are certified by FSC & PEFC, adhering to their respective standards and principles. Stora Enso's historic sustainability focus will be continued and further developed by the new management.

This acquisition aligns with MEAG's investment strategy to build well-diversified forest portfolios for its clients in established forest markets. By targeting professionally managed assets in selected regions such as North America, Oceania, and Northern Europe, MEAG offers its clients attractive risk/return prospects. Regional diversification helps reduce exposure to timber price volatility and may also mitigate the potential climate-related risks.

MEAG focuses on alternative investments that deliver attractive risk-adjusted returns over the long term. In addition to real estate, infrastructure, private equity, and agriculture, forestry is an integral part of MEAG's global alternative investment strategy. MEAG has extensive experience not only in forestry and the associated financial aspects, but also in sustainable forest investments drawing on Munich Re's special expertise in assessing natural risks and the potential impacts of climate change. All these aspects are an integral part of the due diligence process and ongoing management considerations.

MEAG is the asset manager of Munich Re. With branches in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €360bn, €62bn of which for non-Group investors.

MEAG is participating in the debt refinancing of Parmaco, a provider of dynamic buildings with modular structure for educational, healthcare, and other public services in the Nordics, together with a consortium of leading banks and institutional investors. MEAG is thereby the cornerstone debt investor with a three-digit million-euro stake funded by several Munich Re entities and a separately managed account in the debt financing totaling ca. €700m.

Parmaco designs, builds, owns and rents high-quality modular buildings. The buildings are rented to highly rated public sector customers in Finland and Sweden for both temporary and permanent use. Parmaco’s portfolio is mainly used for educational, healthcare and other public services based on a dynamic, circular ‘space-as-a-service’ model. Within the transaction parameter, Parmaco has currently over 300 lease contracts in place with public sector customers, providing home for around 38,000 children in school and day cares across Finland and Sweden.

Dynamic buildings represent an innovative and sustainable approach to construction and operation. They promote efficient use of space by being scalable and adaptable as required and can be flexibly repurposed and relocated. They further use standardized building materials and generate less waste both during construction and at the end of their service life. These characteristics are well-suited to the Nordic market with its high demand for sustainable, fit-for-purpose, immediate building solutions – driven by population volatility (urbanization, demographics) and renovation need of the aging educational and healthcare building stock.

While retaining high-quality aspects (incl. fire safety, sound proofness, air ventilation, triple glazed windows) of ‘traditional’ buildings made of concrete, Parmaco’s modular buildings have a low carbon footprint in manufacturing through wood and (incoming) CO2-free steel building materials, while ensuring a high level of energy-efficiency once in operation.

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG: “MEAG builds on its long-lasting successful relationship with Partners Group across various alternative asset classes. As one of the leading infrastructure debt asset managers in Europe, we are proud to underpin our contribution to social infrastructure projects with our strong participation in this refinancing.”

Isil Tanriverdi Versmissen, Head of Infrastructure Debt Transactions: “We are delighted to support the refinancing of Parmaco, a leading provider of innovative modular buildings in the Nordics. I'm proud of our team's efforts in bringing this complex transaction to a close. This achievement is a testament to our team's dedication, expertise, and commitment to supporting sustainable and impactful projects.”

About Parmaco

Parmaco, which is supported by Partners Group, is a social infrastructure company providing high-quality, cost- and energy-efficient modular buildings for educational and care services. Its business focus is on medium-to-long-term dynamic buildings as a circular economy (‘space-as-a-service’) model. With roots deep in Finland, Parmaco’s journey as a pioneer of dynamic sustainable spaces began in the 1960s and has become the market leader in Finland.

Parmaco’s headquarter is in Tampere, Finland, with further offices in Espoo, Finland, and in Stockholm, Sweden. The production facilities are split across Finland: Leppävirta, Pyhäjoki, Hämeenlinna, as well as Varkaus. The company employs 250 people.

About MEAG

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 362bn, € 63bn of which for non-Group investors.

Stor-Skälsjön wind farm has been handed over to the owners MEAG (75 %) and Hydro Rein (25 %). Stor-Skälsjön wind farm is located in Sundsvall and Timrå municipalities in northern Sweden (SE2) and comprises 42 turbines (260 MW). The expected annual production of 800 GWh is handled commercially by Hydro Energy.

“We have set out to be a leading provider of renewable energy to assist industrials in the Nordics with their decarbonization efforts. Reaching full commercial operation marks an important milestone for Hydro Rein. With the Stor-Skälsjön wind farm development we have also proven our strong commitment to sustainability and stakeholder engagement,” said Head of Hydro Rein in Europe, Lisa Haukaas.

Philipp Deisler, Head of Infrastructure Equity Asset Management at MEAG: "We are delighted to announce the take-over of Stor-Skälsjön wind farm, one of our key wind power projects in Sweden. This strategic investment further strengthens the stability and resilience of our 1.8 GWp renewable energy portfolio, which is an integral part of our Infrastructure Equity portfolio. As a major investor in clean energy, we are proud to support the transition to a lower-emission future. We would like to extend our sincere gratitude to Eolus and Hydro Rein for the collaborative spirit and trust throughout this project, and we look forward to our continued partnership."

Stor-Skälsjön has been jointly constructed by Eolus, who divested its 51 percent share of the project in 2022, and Hydro Rein, under a Construction Management agreement. In 2022, the construction of roads, crane pads, foundations, and the internal electrical grid started. In 2023, Siemens Gamesa began installing the wind turbines, and all turbines were erected by November the same year. Electricity production at Stor-Skälsjön started in September 2023. Since then, it has gradually increased.

Engaging with local stakeholders, such as Sami, hunting teams and cultural associations was prioritized during the development and construction of the wind farm. The first local community support grants have already been given out according to a model that was established, which will run through the lifetime of the wind farm. Among the first beneficiaries were a local school, community center and sports and outdoor associations.

Telenor Infra AS and Hydro Extrusion Sweden have signed power purchase agreements (PPA) with Hydro Energy for a supply from Stor-Skälsjön. Eolus will provide technical, operational, and administrative services for the wind farm on a 15-year contract.

Stor-Skälsjön is the first wind farm co-developed by Hydro Rein reaching full commercial operation in Sweden, where Hydro Rein has more than 30 wind farm projects under development.

About Hydro Rein

Hydro Rein is a leading provider of renewable energy solutions to industrials, co-owned by the renewable energy and aluminium company Hydro and infrastructure investor Macquarie Asset Management. The company has a diversified portfolio of more than 60 wind, solar and energy efficiency projects under development in core markets in the Nordics and Brazil. After three years of growth in renewable energy, Hydro Rein has a gross capacity of 8.4 GW in its portfolio and long-term contracts signed for a production of 5.3 TWh per year.

About MEAG

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 362bn, € 63bn of which for non-Group investors.

MEAG is selling a 157 MW renewable energy portfolio in the UK, which consists of three operational onshore wind farms and four solar parks. The buyer is ENGIE, a leading global energy transition utility. The purchase is subject to UK Government clearance.

The onshore wind farms have a nominal capacity of 102 MW, the photovoltaic plants 55 MW. The plants are located in England and Wales.

Tobias Kerschbaumer, Infrastructure Equity Transactions Senior Investment Manager: “We would like to thank the buyer ENGIE for the excellent cooperation and are pleased with the successful signing of the transaction.”

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 362bn, € 63bn of which for non-Group investors

As of 1 April 2025, Heiko Wunderlich will take over responsibility for the Institutional Clients unit as Chief Sales Officer (CSO). He comes to MEAG from Allianz Global Investors, where he has held various management positions since 2012, most recently as Head of Institutional Business Development in Germany and Austria. An economics graduate, he started his professional career in Institutional Sales at BlackRock in Munich and Edinburgh.

Andree Moschner, CEO: “I am delighted that we have been able to secure a proven expert as Chief Sales Officer for MEAG in Heiko Wunderlich. He has more than 20 years of experience working in institutional sales and knows the market and the needs of our clients very well. He will continue furthering the growth of recent years in our Institutional Clients unit.”

Frank Becker, Member of the Board of Management and Head of Institutional Clients, is leaving MEAG to pursue a new professional challenge. His term as Member of the Board of Management will end by mutual agreement on 28 February 2025.

Andree Moschner: “I would like to thank Frank Becker for his unfailing commitment to and outstanding accomplishments for MEAG over the past five years. He and his team have built up and grown our business with institutional clients, making a significant contribution to achieving the goals of our MEAG2025 strategy programme. I thank him for his excellent work and wish him all the best for the future, both professionally and personally.”

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 354bn, € 63bn of which for non-Group investors.

• MEAG managed investors are part of the €606m financing consortium, including major banks and institutional investors
• The financing was aimed to refinance existing debt and to enable further growth in Proxiserve’s core markets
• Proxiserve has long-term contracts with multi-tenant households offering metering and energy efficiency services

MEAG managed investors participated in the €606m infrastructure financing of Proxiserve, a leading player in the French market of metering and energy efficiency services for residential and tertiary buildings in France, owned by investment funds managed or advised by Vauban Infrastructure Partners.

Proxiserve provides essential energy efficiency services to public and private collective property managers, including heat, water, and electricity sub-metering, as well as the maintenance of heating and plumbing systems. Serving over 400 social housing landlords and approximately 28,000 private co-ownerships, Proxiserve boasts a robust installed base of 5 million sub-meters and long-term client relationships.

Işıl Tanrıverdi Versmissen, Head of Infrastructure Debt Transactions at MEAG: “We are excited to be part of Proxiserve’s financing, marking an important addition to our investment portfolio. What particularly impressed us was the company’s long-standing track record of success and its diverse, high-quality and long-term contracts, which underscore its strong creditworthiness. We would also like to extend our sincere thanks to Vauban for their excellent partnership and continued trust.”

Benjamin Hemming, Head of Illiquid Asset Debt, at MEAG: “MEAG is very pleased to continue building on our successful track record of collaboration with Vauban in the infrastructure sector across various sub-sectors and jurisdictions. Over the years, we have forged a strong partnership, delivering impactful results through a series of successful transactions within the infrastructure space.”

About Vauban Infrastructure Partners

Vauban Infrastructure Partners is a leading infrastructure asset manager focused on the core infrastructure market. Headquartered in Paris with an office in Munich and subsidiaries in Luxembourg and New-York, it employs c. 80 professionals, the majority of whom have been working together for over a decade. Vauban targets predominantly European brownfield midmarket assets pursuing a long-term yield-driven strategy matching the underlying nature of assets and long-term commitment to all stakeholders’ interests through a strong focus on creating sustainable value. Vauban has raised c. €10 billion across 8 funds in infrastructure from over 150 investors across 17 different countries and has invested in over 80 assets in mobility, energy transition, social & digital infrastructure across 14 different geographies. https://vauban-ip.com/

About MEAG

MEAG is the asset manager of Munich Re. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €354bn, €63bn of which for non-Group investors.

• Greenfield solar PV project with 147MWp developed by Akuo near Gavião, Portugal
• MEAG acted as sole financing party for the senior debt and expands its cooperation with Akuo
• This financing follows the successful construction completion of the 180MWp Santas project, financed by MEAG in 2023

MEAG has successfully closed the senior financing for the construction of the Margalha Solar Plant with an impressive installed capacity of 147 MWp. This project follows project Santas (180MWp) which was financed by MEAG in 2023 and successfully reached construction completion in Q4 2023.

Leveraging the financing structure of Santas, MEAG acted as the sole financing party subscribing to a non-recourse project bond settled over Interbolsa. Construction has already commenced, with an expected completion in winter 2025. The project benefits from a feed-in-tariff awarded under the Portugal’s 2019 auction.

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG: “ Reliability is the hallmark of this investment. Portugal is showing sustained, stable economic development with a continued positive outlook, and the local conditions for the expansion of renewable energies are solid for investors. This makes it possible to draw up a reliable business plan, which is essential for our financings.“

Michael Wieser, Senior Investment Manager at MEAG: “Following the successful construction completion of Santas, also financed by MEAG, we are pleased and proud to further strengthen our cooperation with Akuo by acting as the sole financing party for Margalha. We would like to thank Akuo for their continued partnership and all parties involved in these two milestone projects.”

Eric Scotto, President and co-founder of the Akuo Group: “2024 marks the ramp-up of Akuo in Portugal and its further anchorage in the country. Since 2019, Akuo has been working hard, hands in hands with local and national stakeholders: today, we are overwhelmed to see our projects turning into reality and injecting electricity for the benefit of Portuguese citizens. MEAG is once again a key and trust worthy partner and I look forward continuing this Portuguese journey together. “

About Akuo

Akuo is an independent global renewable energy producer and developer. The Group is present across the entire value: development, financing, construction and operation. As of the end of 2024, Akuo had a total capacity of 1.9 GW in operation or under construction and a total project portfolio of over 20 GW. With more than 450 employees, the Group, which is headquartered in Paris, France, develops projects in more than twenty countries around the world.

For more information, please visit www.akuoenergy.com

About MEAG

MEAG is the asset manager of Munich Re. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €354bn, €63bn of which for non-Group investors.

MEAG, on behalf of Munich Re entities in the USA and in collaboration with CBRE Investment Management, has acquired 1330 Boylston in Boston, a 200-unit Class A high-rise. With this transaction, MEAG has achieved its goal of building up a significant portfolio worth 400 million US dollars within 24 months. Further residential complexes are located in Dallas, Texas, Durham, North Carolina and Washington D.C. A total of 700 residential units in prime locations and of the highest quality have been acquired.

Dr. Stefan Haas, member of the Board of Management and Global Head of Real Estate at MEAG: “With US residential, we are strengthening and diversifying our real estate portfolio in the USA. High-quality US real estate is attractive and offers higher risk-adjusted returns than in Europe. We are looking forward to acquire high-quality US real estate for other institutional investors in the future. With our local colleagues, we will be able to further enhance the property and increase the rental success.”

“This property is a great addition to Munich Re's growing U.S. residential real estate portfolio,” said Volker Zinkl, Head of International Real Estate Asset Management at MEAG. ”Boston is a prime location that continues to attract talent and foster economic growth. We are confident in the long-term appreciation of properties with large floor plans and a central location.”

Located in Fenway, one of Boston's most desirable neighborhoods, 1330 Boylston is part of a mixed-use development with ground floor space occupied by popular restaurants and fitness concepts. Fenway is adjacent to the Longwood Medical Area (LMA), which is home to nearly 70,000 jobs in hospitals, research institutions, medical schools and healthcare organizations such as Harvard Medical School, Dana-Farber Cancer Institute and Boston Children's Hospital.

"1330 Boylston is a high-quality asset in an extremely walkable location that is differentiated by its large floor plans,” said Daniel Casey, Director, Residential Transactions at CBRE Investment Management. “This investment underscores CBRE Investment Management’s continued partnership with MEAG and provides the opportunity to enter a premier neighborhood of a world-class city at a significant discount to new construction cost. There is also ability to drive revenue through targeted capital expenditures, providing enhanced long-term cash flow for our investor.”

The sale was facilitated by the Boston Newmark Capital Markets Team.

MEAG is the asset manager of Munich Re Group. With representations in Europe, Asia and North America, MEAG also offers its extensive expertise to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around €354 billion, including €63 billion for private and other institutional investors.