WKN sells two German projects to Allianz

WKN Windkraft Nord AG has sold the wind energy projects Halenbeck and Kittlitz to Allianz Specialised Investments, an Allianz Group company investing in renewable energy. The wind farms located in the Federal State of Brandenburg have been in operation for several weeks. In Halenbeck nine Vestas V80 wind turbines with a total installed capacity of 18 megawatts produce environmentally friendly power. On the former coal mining site Seese-West near to the small town of Kittlitz five Vestas V90 turbines each of two megawatt capacity have been erected.

Following the first foreign WKN-wind energy project in Francofonte (Sicily, Italy) at the end of 2005 and the contract on the German wind farm Freyenstein in mid 2006, this is the third joint transaction of the two companies. "We are delighted to have convinced Allianz Specialised Investments once again of our experience and knowledge in the field of wind energy," said Michael Ostwald, authorised signatory of WKN AG, on conclusion of the agreement. "The co-operation during the due diligence process was again very professional, smooth and targeted. This deal concludes 2006 and takes us into 2007 with yet another great success for our company."

For Allianz Specialised Investments the investment is a further step in its commitment to long-term investment in renewable energy. Wind energy in particular has great potential for growth and is one of the weapons in the battle against climate change.

"With the addition of these two projects, Allianz’ wind energy portfolio now comprises 116 megawatts either operational or under construction and we expect to grow that considerably in the coming years”, points out David Jones, CEO of Allianz Specialised Investments. "It was again a pleasure to work with WKN and we hope to continue this co-operation on other projects to achieve our respective goals".