Allianz SE plans to invest in renewable projects in India and China as it seeks to expand its overall clean energy portfolio by more than a billion euros ($1.5 billion) over the next three years, a company executive said.
“That’s where we’re having clear investment interest,” said Sandhovel, adding that the deals could be worth more than $100 million and the areas it is looking to invest in are small hydroelectric projects, wind parks and bioenergy ventures.
Allianz, Europe’s largest insurer, oversees investments and products relating to climate change through its unit, Allianz Climate.
Allianz holds wind power assets worth 500 million euros in the Mediterranean region and plans to invest another 500 million euros in wind power and a further 500 million euros in solar projects.
Within Europe, Allianz looks at various countries for investments, including Greece, France, the United Kingdom, and Eastern Europe.