International financial services company Allianz has launched a new investment fund called Allianz Specialized Investments which will focus on investing in renewable energies. Allianz plans to invest E300 to E500 million over the next five years.

The new investment vehicle will be headed by David Jones, who has been head of Allianz Specialized Investments in London since October 2004 and previously was head of Shell’s global wind power business.

The new fund will come under the business umbrella of Allianz’s Direct Private Equity arm, however it will take on a different investment approach involving building a long-term portfolio in renewable energies, mainly in wind energy.

Explaining the strategic decision Thomas Putter, head of Allianz Direct Private Equity Activities, said: Investments in renewable energies, especially wind, offer a high yield with an acceptable risk profile. They will generate an attractive annual income stream. You can hold them for more than 20 years, which is ideal for life insurance money.

Allianz is currently investigating investment opportunities around Europe with a hope to have established an investment by the end of the year.