Munich Re has acquired a 50% stake in the Lone Valley solar energy projects in the US from DIF Capital Partners.

MEAG, the asset manager of the German reinsurer, has signed an agreement to acquire the interest in the photovoltaic facilities in San Bernardino County in California from the DIF Infrastructure III fund.

They represented DIF’s first investment in renewables in the US.

Andrew Freeman, head of exits at DIF, said: “We are very pleased with the successful exit of DIF’s first renewable energy investment in the US and are confident that MEAG will be a strong steward of the project going forward.”

Holger Kerzel, Member of MEAG’s management board, said: “By further expanding our renewable energy portfolio, we contribute to avoiding climate-damaging emissions near one of the world’s largest conurbations.

“With the solar energy produced in these plants, around 10,000 households can be supplied with electricity.”