Italy - Allianz invests in wind power

The Francofonte wind farm in Sicily will generate enough electricity for 46,000 households and will start operating in April 2007. Allianz has acquired the project company for the wind farm, Aero-Fonte, which will be run by German operator Windkraft Nord. Thomas Pütter, one of the heads of Allianz alternative asset holding, said: "Investments like this one in renewable energies, especially wind, offer an attractive yield with an acceptable risk profile. They will generate an attractive annual income stream." The transaction represents the first investment under Allianz's strategy of investing in long-term renewable energy projects.