Allianz has strengthened its European renewables portfolio through the acquisition of a 20.25 percent minority stake in the 500 megawatt îles d’Yeu et Noirmoutier offshore wind farm in France. The stake was acquired from Ocean Winds, marking Allianz’s first offshore wind partnership with the developer and its first direct offshore wind investment in the French market.

The transaction was completed on behalf of Allianz insurance companies and adds long-duration renewable infrastructure exposure as the project approaches full commissioning in early 2026.

A Project Moving From Construction to Operation

The îles d’Yeu et Noirmoutier wind farm is in the final phase of construction. More than two-thirds of its turbines are already installed and generating electricity, with first power delivered in June 2025. Full commissioning is expected in the first quarter of 2026, positioning the project as one of France’s largest offshore wind assets to reach operation to date.

The development plays into France’s broader effort to accelerate grid integration and permitting for strategic offshore projects, as the country seeks to strengthen energy security, reduce reliance on imported fossil fuels, and expand domestic low-carbon generation capacity.

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Offshore Wind and France’s Energy Strategy

Although France entered the offshore wind sector later than countries such as the United Kingdom, Germany, and the Netherlands, recent auction frameworks and regulatory reforms have increased investor confidence. Offshore wind now sits at the center of France’s medium-term climate and energy plans and aligns with the European Union’s wider push to scale offshore capacity across the Atlantic, North Sea, and Mediterranean.

For utilities and investors, the French market is increasingly viewed as offering improved visibility on revenues and execution risk as permitting timelines shorten and grid coordination improves.

Institutional Capital and Portfolio Positioning

For Allianz, the investment builds on an existing offshore wind portfolio that includes projects in the Netherlands and Germany. The insurer has been financing renewable energy assets in France since 2008, and the îles d’Yeu et Noirmoutier stake extends that presence into offshore generation.

Mario Skoric, Chief Executive Officer of Allianz Investment Management, described the project as part of a platform approach to energy transition investing. He noted that the investment reflects Allianz’s focus on renewables infrastructure that can deliver stable, long-term returns while supporting decarbonisation objectives.

Once fully operational, the project is expected to provide predictable cash flows supported by established regulatory frameworks, aligning with the liability profiles of insurance and pension capital.

Policy Signals and Market Confidence

The transaction highlights the continued appetite of European institutional investors for offshore wind as policy clarity improves. Across the European Union, reforms in grid planning, auction design, and permitting have strengthened the bankability of large offshore projects, making them more attractive to insurers and pension funds seeking long-term, inflation-linked assets.

In France, government support for offshore wind has included phased auction programs, supply chain development, and close coordination with transmission operator RTE. These measures have been critical in reducing development risk and enabling projects to progress from planning to construction and operation.

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Implications for the Energy Transition

Allianz’s investment reinforces the role of institutional capital in financing Europe’s offshore wind expansion. For corporate energy buyers, the growing pipeline of commissioned projects supports access to competitively priced clean electricity and creates opportunities for long-term power purchase agreements tied to emissions reduction goals.

More broadly, the deal illustrates how stable policy environments and clear commissioning timelines can attract large balance sheet investors without excessive reliance on subsidies. As offshore wind capacity continues to scale across Europe, partnerships between utilities and institutional investors are becoming a central feature of the region’s energy transition financing model.

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