ALH Group invests in 597-MW EnBW solar farm portfolio

Insurance group Alte Leipziger Hallesche, or ALH Group, has signed a deal to indirectly acquire a 49.9% stake in a 597-MW solar farm portfolio in Germany belonging to energy supplier EnBW Energie Baden-Wuerttemberg AG (ETR:EBK).

The portfolio that is the subject of the agreement includes 16 solar farms located in the German states of Brandenburg, Baden-Wuerttemberg, Bavaria, Mecklenburg-Western Pomerania, Rhineland-Palatinate and Saxony. All of them were developed and built by EnBW, which will continue to manage, service and maintain the plants, while also marketing their annual output averaging 580 GWh.

“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,” said EnBW CFO Thomas Kusterer.

The transaction is expected to close this autumn, subject to securing the needed regulatory approvals.

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