Allianz Capital Partners has invested €25m in Nordic green hydrogen and power-to-gas project developer Ren-Gas.
Allianz Capital Partners said it is investing to become a minority shareholder in Ren-Gas and will be entitled to invest in the firm’s future green power-to-gas projects in Finland.
Finland-based Ren-Gas was set up in 2021 to develop a decentralised power-to-gas portfolio – first in Finland with the potential to be expanded wider in Europe.
Michael Pfennig, co-head of infrastructure at Allianz Capital Partners, said: “Ren-Gas is our second direct infrastructure investment in Finland and our first direct investment into green hydrogen underscoring Allianz’s effort to support the decarbonization process through tangible infrastructure projects.
“We appreciate Ren-Gas’ innovative approach to develop green power-to-gas plants in connection with existing power plants and district heating systems and thus effectively utilizing the value of sector coupling.”
Igor Lukin, senior portfolio manager at Allianz Capital Partners, said Allianz has been invested in Finland since 2016 through its participation in electricity distribution company Elenia and several wind farms.
“We see great potential in Ren-Gas and consider it an excellent opportunity to create green solutions for the transport and energy sector in Finland and beyond,” he said.
“The Ren-Gas team has impressed us with regards to sector knowledge, operational experience, and commitment and managed to build a strong as well as tangible pipeline of energy transition projects which we are excited to support in the future.”
Saara Kujala, CEO of Nordic Ren-Gas, said: “Ren-Gas has focused on an analytical, transparent and value-based approach in development of its business with utility partners and other stakeholders. This approach has enabled Ren-Gas to create a portfolio of well-structured, financeable hydrogen and power-to-gas projects.”
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