The 218.8MW Solara plant can power 100,000 households per year. Credit: © Allianz.

Allianz Capital Partners, an Allianz Group’s asset manager for alternative equity investments, has signed an agreement to acquire a 218.8MW solar project in Portugal, called Solara.

The agreement was signed by Allianz Capital Partners on behalf of Allianz insurance companies.

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Construction works at the site have already been initiated, with commissioning of the project planned for summer 2019.

Solara is located in Southern Portugal, around 230km south-east of Lisbon.

Allianz Capital Partners Renewables head Marc Groves-Raines said: “Allianz is one of the leading investors in renewable energies in Europe as we aim to lead our industry in integrating ESG (Environmental, Social and Governance) factors into our investment businesses.

“This is already our second investment in Portugal in the subsidy-free area in combination with a PPA. We are delighted to partner again with WElink on this attractive solar project. With our 9th solar investment Solara, we will have more than 90 projects in our renewables portfolio.”

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“This is already our second investment in Portugal in the subsidy-free area in combination with a PPA.”

During the construction phase, the project is expected to create 1,500 employment opportunities and bring economic benefits to the area.

Additionally, under a power purchase agreement (PPA), Solara will provide power for a 20-year period at fixed price.

Upon completion, the solar facility can provide clean energy to power 100,000 average households annually.

For Allianz, Solara is the second investment in a solar project in Portugal without public subsidies, with the first being a solar farm in Ourique, in Iberia.

Allianz has invested in nine solar farms and 83 wind parks, which are located in Austria, Finland, France, Germany, Italy, Portugal, Sweden and the US.

The wind and solar parks held by Allianz have the capacity to generate renewable energy enough to power more than one million households.