Essen-based energy company STEAG has announced that it is selling 49% stake in its wind farm portfolio in France to an infrastructure fund of Allianz Global Investors.

The companies had signed a corresponding contract for the acquisition at the end of November.

The deal, which will take effect retroactively to 1 January 2017, is subject to approval by the relevant antitrust authorities.

However, financial details of the transaction were not disclosed by the companies.

STEAG said that the sale of stake in the French wind farm portfolio with a total output of 94MW was preceded by an open, transparent and competitive bidding process.

Allianz Renewable Energy Fund II, an infrastructure fund managed by Allianz Global Investors for institutional investors, has emerged as the successful bidder.

Following the completion of the transaction, STEAG will continue to remain as the majority shareholder of the wind farms with 51% stake.

The company will continue to be responsible for commercial and technical operations management of the wind farms.

STEAG management board chairman Joachim Rumstadt said: “We are very satisfied with the outcome of the transaction. With Allianz Global Investors, we have found a well-known partner who also trusts our operational management expertise for wind turbines in the long term.”

In November last year, STEAG had signed an agreement to acquire Vattenfall's stake in the thermal waste treatment company Lauta  in Saxony as well as the industrial power plant (IKW) Rüdersdorf near Berlin . The plants had a combined waste incineration capacity of 475,000 tonnes per year.

Image: STEAG will continue to remain as the majority shareholder of the wind farms with 51% stake. Photo courtesy of  STEAG GmbH.