Munich Re Unveils Plans to Invest in Wind Energy Products

Munich Re has recently unveiled its intentions to invest in wind energy generation projects as a part of its Renewable Energy and New Technologies (RENT) program. Under the program, the company has plans to invest around $3.3 billion in new environmental expertise and renewable energy over the next few years.

It has announced its plans to buy 40 wind turbines located in 11 wind farms in Germany with capacity to generate 73 MW power. It has negotiated with wpd , a Bremen located wind project developing and operating company, to buy the wind farms located in Lower Saxony, Thuringia, Saxony-Anhalt, Mecklenburg-West Pomerania and Brandenburg. The wind farms are already producing electricity and are linked to the grid.

Thomas Blunck, the board member of Munich Re, who is responsible for the reinsurance group's investments, said that the company will utilize its own knowledge as an insurer to benefit from the renewable energy markets. He added that his company will avail the help of its scientists to assess the meteorological correctness of the locations to establish the wind turbines and utilize the assistance of its engineers to understand the technological details of the wind power plants and the risk involved in such purchases.