By Renewable Energy Focus staff

The last transaction involved a 15 MW solar power facility in Italy, which was concluded at the end of December 2010.

"Over the past five years, we have continually expanded our renewable energy investment portfolio and are now one of the world's largest financial investors in this field. Last year, we also expanded our investments to include solar energy," says David Jones, CEO of Allianz Specialised Investments (ASI) and Head of Renewable Energy Investment at Allianz Capital Partners (ACP).

"Renewable energy is an area that generates attractive returns, irrespective of capital market fluctuations. With operating lives of 20 years and more, this asset class is a good fit for Allianz's long-term investment strategy," Jones adds.

"Wind farms and solar parks also contribute to combating climate change. As a result, I believe that there will be considerable growth in investment in renewable energy for many years to come."

The World Energy Council estimated that the renewable energy market was worth US$635bn in 2010. By 2020, experts predict that investments in wind and solar power will have risen to US$1.9 trillion.