October 26 (Solar) – German insurer Allianz SE (ETR:ALV) said on Thursday it has completed the acquisition of a 46.1-MW subsidy-free photovoltaic (PV) plant in Portugal.
The deal was made between subsidiary Allianz Capital Partners and Irish WElink Group. The Ourika plant, as it is named, is located in Southern Portugal and is the company's first solar plant in the country.
With a 20-year fixed price power purchase agreement (PPA) in place, the PV park is expected to be capable of generating enough electricity to meet the annual demand of about 23,000 households.
According to Allianz, Ourika is a pioneering farm in the Iberian Peninsula, being one of the first large solar power plants in operation with no guaranteed tariff supported by taxpayers.
This investment follows the German-based company's plans to increase it portfolio of renewable assets, including more subsidy free solar projects across many European markets. Currently, the firm has over 90 renewable energy projects, of which eight are solar farms, it noted.