The global insurance company Allianz has signed agreements to acquire an additional 33 MW of nameplate capacity at Maevaara wind farm in Northern Sweden from the Nordic renewable energy developer, OX2. At the same time, Google has signed a power purchase agreement to buy the entire electricity output of the wind farm for the next ten years, to power its data center at Hamina, Finland.
This is the second such agreement signed by the three companies. In 2013, Allianz Capital Partners, the Allianz Group’s in-house investment manager for alternative investments, and OX2 signed a purchase agreement for 24 wind turbines at Maevaara, located in Övertorneå and Pajala municipalities in northen Sweden. Google agreed to purchase the entire output for ten years, starting 2015. The new agreement, announced today, is for an additional ten wind turbines, and Google will purchase the power when the new windfarm becomes operational in 2016.
“This long term agreement – our fourth in Europe, and second with Allianz and OX2 – helps us remain a carbon neutral company” Francois Sterin, Director, global infrastructure at Google
“We are very pleased to be extending the Maevaara wind farm in co-operation with both OX2 and Google and look forward to working with them throughout the project’s construction and long term operation phases”, says David Jones, Head of Renewable Energy at Allianz Capital Partners.”
”We are delighted to receive this renewed expression of confidence in us, and we look forward to deliver another high quality wind farm,” says Paul Stormoen, CEO of OX2 Wind.
“We’re keen to keep increasing the amount of renewable energy we use,” says Francois Sterin, Director, global infrastructure at Google. “This long term agreement – our fourth in Europe, and second with Allianz and OX2 – helps us remain a carbon neutral company, whilst also adding new wind generation capacity to the European grid.”
The first 24 wind turbines are currently being commissioned, and the other ten turbines are expected to come on line in 2016. OX2 will manage the 105 MW wind farm commercially and technically.
About Allianz Capital Partners
Allianz Capital Partners is the Allianz Group’s in-house investment manager for alternative investments. With offices in Munich, London, New York and Singapore Allianz Capital Partners manages around EUR 10 billion of alternative assets. The investment focus is on direct investments in infrastructure and renewable energy as well as private equity fund investments. ACP’s investment strategy is targeted to generate attractive, long-term and stable returns while diversifying the overall investment portfolio for the Allianz Group insurance companies. www.allianzcapitalpartners.com
OX2 develops, constructs, finances and manages renewable energy projects in the Nordic region. We are a driving force in the transition towards a sustainable energy sector, offering financial investors as well as large energy users the opportunity to invest in and own renewable energy plants. OX2 has realized a significant part of the large-scale onshore wind power projects in the Nordic region. The group has operations in Sweden, Finland, Norway and Poland. For more information, please see www.ox2.com
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