Allianz acquires a 51% stake in German battery storage platform
Allianz Global Investors has acquired a 51% stake in battery storage platform Green Energy storage Initiative (GESI) on behalf of Allianz insurance companies. The German company develops, builds and operates high-performance and digitized large-scale battery storage systems to provide flexibility in the energy system.
GESI is currently implementing three large-scale battery storage projects at various locations in Bavaria and Lower Saxony with a total connected load of around 2.6 GW. The systems are being built at key transmission grid nodes, including sites of former power plants, with commissioning expected by 2029.
“Modern storage solutions are an important element of an efficient and stable energy infrastructure. The demand for battery storage is therefore high and growing dynamically. This investment in GESI is already our second direct equity investment in battery storage in Germany alongside the partnership with TotalEnergies, which we announced at the beginning of March. We are very pleased to join forces with GESI’s established and highly experienced management and shareholders to further advance the development of large-scale battery storage in Germany.” – Ludovic Subran, Chief Investment Officer, Allianz Group.
“Germany is the largest electricity market in Europe. Following our recently announced investment in the electricity transmission system operator Amprion, with this second investment in battery storage we are once again making a targeted investment in a key technology of the energy transition that combines security of supply, grid stability and decarbonization and offers our clients long-term value creation potential.” – Édouard Jozan, Head of Private Markets, Allianz Global Investors.
“Germany urgently needs additional storage capacities for a successful and affordable energy transition. With Allianz as an experienced and renowned partner, we are now ideally positioned to make a significant contribution to the transformation of the German energy system – in the interests of climate protection and an independent, sustainable energy supply.” – GESI CEO Walter Raizner.
“Billions of euros worth of green electricity is currently lost every year because wind and solar plants have to be curtailed or switched off. The Alliance’s commitment shows that energy storage is a key lever for making better use of the potential of renewables, reducing system costs, increasing security of supply and thus improving the economic efficiency of the energy system as a whole.” – GESI COO Jens Michael Wegmann.
