“This transaction is particularly important for the Talanx Group: our first investment in hydropower adds a new dimension to our existing extensive portfolio of renewable energy investments”, said Dr Jan Wicke, Talanx AG’s Chief Financial Officer. “As a leading investor in this area, we are helping to continuously expand investments in renewables and increasingly contributing to the transition to sustainable energy. The move also underscores just how important ESG criteria are to our investment strategy and reinforces our wide-ranging sustainability strategy even further.“
Augusta Investment Management, which initiated the transaction, has a two terawatt hour portfolio of similar investments and substantial experience of hydro plants in northern Europe. It has been engaged as the asset manager for the duration of the investment.
The transaction volume for the 15 river hydro plants corresponds to an annual electricity generation figure of approximately 350 gigawatt hours. This is the equivalent of the electricity consumed by the eastern Swedish city of Umeå, for example, which has roughly 84,000 inhabitants.
Sweden is an attractive market for hydropower investments: 45 percent of the electricity consumed by the country each year is generated in its more than 2,000 hydro plants. In line with this, the country has a highly developed renewal energy market with a stable legal framework.
Disclaimer
This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s control, affect Talanx AG’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialise, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.