Sustainable Energy

Brexit fails to cast a cloud over Allianz Global Investors' solar power purchases

Michael Lofenfeld Photography | Moment Mobile | Getty Images

The green energy investment fund for fund manager Allianz Global Investors has boosted its portfolio with the acquisition of three U.K. solar parks.

The parks – whose total capacity is 100 megawatts peak – are based in Cambridgeshire, Norfolk and Worcestershire. Their purchase by Allianz Renewable Energy Fund 2 (AREF2), which was announced Tuesday, follows on from the acquisition of wind farms in Germany and Sweden.

"Regardless of any upcoming changes to the political fabric, we firmly believe in the long-term attractiveness of the British solar market," Armin Sandhövel, chief investment officer for infrastructure equity at Allianz Global Investors, said in a statement.

"The purchase of these three solar parks is a perfect way to regionally diversify the AREF2 portfolio," Sandhövel added.

According to the U.K. government, at the end of December 2016 solar photovoltaic capacity in the U.K. stood at 11,457 megawatts across more than 900,000 installations.