German insurance giant Allianz has signed its third joint transaction with WKN Windkraft to purchase two wind farms in Germany. This follows the insurer's previous acquisition of its first foreign WKN wind energy project in Sicily in 2005 and the signing of a contract for German wind farm Freyenstein in mid-2006.

Allianz’ third joint transaction with WKN involved the sale of the wind energy projects Halenbeck and Kittlitz to Allianz Specialized Investments, an Allianz Group company investing in renewable energy.

Both wind farms are located in Brandenburg and have been in operation for several weeks. In Halenbeck, nine Vestas V80 wind turbines, with a total installed capacity of 18MW, produce environmentally friendly power. On the former coal mining site of Seese-West, near Kittlitz, five Vestas V90 turbines, each of 2MW capacity, have been erected.

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, authorized signatory of WKN. The cooperation 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.

The acquisitions represent Allianz Specialized Investments’ commitment to long-term investment in renewable energy, the company said.