The wind farm, known as Haut Chemin, is expected to start operation in summer 2014. It will bring Allianz’s renewable energy capacity to more than 1GW. When completed, the wind farm will be operated by Eole-Res.

Allianz Capital Partners head of renewable energy David Jones said, "We are delighted to pass the 1GW milestone with the acquisition of ‘Haut Chemin’.

"The assets in the renewable energies portfolio are capable of supplying the annual electricity needs of over a half million average European households with renewable energy while simultaneously producing a good return for our insurance customers," Jones added.

With the new project, Allianz now owns 42 wind farms in Germany, France, Italy and Sweden and seven solar plants across in Italy and France. All assets are 100% owned by Allianz.