Allianz and Japanese bank Mitsubishi UFJ Financial Group (MUFG) have invested in a U.S.-based wind park owned by French utility EDF , Allianz said, as the German insurer expands its renewables portfolio.

Allianz, which gave no further financial details, said the 225 megawatt (MW) Great Western wind project is about 200 km (125 miles) north-west of Oklahoma City and can power about 70,000 households.

Renewable assets in the United States have attracted billions of euros from foreign investors in recent years, banking on stable and guaranteed returns helped by tax incentives.

Allianz said Great Western was projected to generate more than $25 million in property taxes for Ellis and Woodward Counties, where the wind farm is based.

“It is a valuable addition to our renewable energy portfolio, which now exceeds 3.5 billion euros ($3.8 billion) and offers a stable and uncorrelated return to Allianz,” said David Jones, Head of Renewables at Allianz Capital Partners, the insurer’s investment arm.

Allianz, Europe’s largest insurer, said last year that it aimed to double its investments in infrastructure and renewable energy projects by 2019 at the latest as it diversifies where it invests its 638 billion euros of assets.

To date, Allianz has invested in 74 wind farms and seven solar parks in Austria, Finland, France, Germany, Italy, Sweden and the United States, it said.

($1 = 0.9255 euros)

Topics USA Agribusiness Allianz Japan