Alte Leipziger Hallesche Isurance Group Acquires 49.9% of 600 MW EnBW Solar Portfolio

Source: 8/15/2022, Location: Europe

The ALH Group is indirectly acquiring 49.9% of a portfolio of sixteen solar farms with a total capacity of 597 megawatts belonging to EnBW Energie Baden-Württemberg AG.

The portfolio also includes the new large-scale Weesow, Gottesgabe and Alttrebbin solar projects – the first solar farms of such size in Germany to be built without subsidies. These account for around 80% of the installed capacity. Environment-friendly energy generation from these three large solar farms alone will avoid some 325,000 tons of carbon emissions a year.

Located in the German states of Brandenburg, Baden-Württemberg, Bavaria, Mecklenburg-Western Pomerania, Rhineland-Palatinate and Saxony, all of the solar farms were developed and built by EnBW, and most have only been connected to the grid in the last few years.

EnBW will continue to manage, service and maintain the solar farms and to market the green power they generate. Their annual output averaging 580 gigawatt-hours is enough to meet the needs of over 200,000 three-person households in Germany.

Shared objective: investment in low-carbon generation

EnBW CFO Thomas Kusterer: “In the ALH Group, we are delighted to have found an investor with a long-term commitment to ENBW’s solar projects. The partnership covers the entire operating life of the solar farms. Selling minority stakes on the basis of investment models is part of EnBW’s renewable energy business model. We plan to invest the sale proceeds in new growth projects in the renewable energy and grids segments. This is more important now than ever before, because every megawatt-hour from renewables makes Germany a little less dependent on fossil fuels.”

“This cooperation in renewables is an ideal complement to our existing portfolio of onshore and offshore wind farms,” adds Martin Rohm, Chief Investment and Finance Officer of the ALH Group. “The investment is an important contribution towards our goal of substantially expanding the sustainability of our investment activities. As one of Germany’s biggest energy groups, EnBW is among the leaders in developing and operating renewable energy installations. We look forward to long-term partnership and working relationship.”

Completion of the transaction is subject to clearance by relevant regulatory authorities and is expected for autumn 2022. Both parties have agreed not to disclose the purchase price.

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