Allianz Capital Partners is buying three wind-park schemes in Finland.
The investment manager agreed to buy the Joukhaisselkä, Kuolavaara-Keulakkopää and Saarenkylä wind parks.
The assets will be bought on completion of construction and are being sold by Portofino New Energy, owned by Impax New Energy Investors II.
David Jones, head of renewables at Allianz Capital Partners, said Finland was an attractive European wind market.
“It’s an investment that has a positive impact on the environment and also benefits our customers,” he said.
“It marks a new milestone for Allianz, which has now invested a total of more than €3bn in renewable energy.”
The Joukhaisselkä and Kuolavaara-Keulakkopää wind parks are in Lapland, while the Saarenkylä wind park is in northern Ostrobothnia.
Together, the wind farms have a total 107.7 MW capacity.
The commitment of Allianz to the renewable energy sector now exceeds €3bn, with 63 wind farms and seven solar parks.
The company made its first investment in the US renewable energy sector last month.
The German company joined Bank of America Merrill Lynch and committed tax equity for two wind parks developed by EDF Renewable Energy.