HomeWorld RegionsEuropeGerman insurers eye investment in grid company TenneT

German insurers eye investment in grid company TenneT

German insurer Allianz (ALV.XE) and reinsurer Munich Re (MUV2.XE) are said to be considering investing in TenneT Holding, the company responsible for upgrading Germany’s grid network.

The move would inject much needed cash into TenneT, which has long complained of being unable to keep up with the pace of upgrades to the grid that are needed to connect Germany’s offshore wind farms.

German power companies are frustrated by the delays and according to daily newspaper Handelsblatt the economics ministry has now also lost patience.

Neither Allianz nor Munich Re could today confirm the rumours, however Munich Re has stated that it wants to invest $1.8bn in infrastructure projects and $3bn in renewable energy.

In the past year it has invested $737m in renewable projects, the most recent coming last week when it bought three UK wind farms with a combined capacity of 102 MW.

It acquired Tir Mostyn in Wales, and Scout Moor and Bagmoor in England from HgCapital through its MEAG Munich Ergo AssetManagement unit.