Aegon Asset Management (AAM) has invested €45m ($48.4m) in an offshore wind farm, citing its commitment to a low-carbon energy future.
Aegon, which last month signed the Paris Pledge for Action to accelerate the reduction of global warming to well below 2°C (3.6°F), said the investment will facilitate the transition to a low-carbon economy.
"This is an 'impact investment' which fits with our sustainability remit, but it also promises an attractive risk/return over a relatively short duration," said Harald Walkate, head of responsible investment at Aegon Asset Management, part of the Dutch insurance group Aegon.
The Meerwind project is a 288MW offshore wind farm located in the German North Sea to the south-west of the Danish-German border. It consists of 80 Siemens wind turbines and has been operational since January 2015.
Aegon Asset Management cooperated on the project with French joint venture partner La Banque Postale Asset Management (LBPAM), with LBPAM investing a further €25m in the wind farm. Aegon Asset Management agreed a strategic asset management partnership with the French firm last June (IAR, 4 June, 2015, Aegon finalises French asset management deal).
People:Harald Walkate