ALH Group invests in 597-MW EnBW solar farm portfolio

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

The portfolio that is the subject of the arrangement consists of 16 solar farms situated in the German states of Brandenburg, Baden-Wuerttemberg, Bavaria, Mecklenburg-Western Pomerania, Rhineland-Palatinate and also Saxony. Every one of them were established and also developed by EnBW, which will certainly remain to manage, solution as well as preserve the plants, while likewise marketing their annual result averaging 580 GWh.

"We prepare to spend the sale proceeds in new growth projects in the renewable resource and also grids sectors. This is more important currently than in the past, due to the fact that every megawatt-hour from renewables makes Germany a little much less based on fossil fuels," stated EnBW CFO Thomas Kusterer.

The purchase is expected to close this autumn, subject to protecting the required regulatory approvals.