Allianz Global Investors has taken a significant step into France’s offshore wind sector, acquiring a 20.25% stake in the îles d’Yeu et Noirmoutier (EMYN) offshore wind farm from Ocean Winds. This investment marks Allianz’s first foray into French offshore wind, adding to its existing portfolio in the Netherlands and Germany. The project, nearing the end of its construction phase, has already begun generating electricity, with over two-thirds of its turbines operational and supplying power to French households. Full commissioning is anticipated in the first quarter of 2026.
Mario Skoric, CEO of Allianz Investment Management, underscored the strategic importance of this investment, stating, “This project marks our third direct investment in offshore wind… and is our first offshore wind investment in France, a market where Allianz has been actively investing in renewable energy projects since 2008.” He further emphasized the project’s role in supporting decarbonization efforts and delivering long-term value for policyholders.
The EMYN project, situated 11km off the island of Yeu and 16km from Noirmoutier, boasts an installed capacity of 488MW, expected to generate 1,900 gigawatt-hours annually. This output is projected to power approximately 800,000 people, contributing significantly to France’s renewable energy goals. The development represents a total investment of €2.5bn ($2.93bn), with a substantial European supply chain involvement. Notably, 95% of Tier 1 suppliers are based in Europe, with over half of these located in France. Turbine components are manufactured in Le Havre, and pre-assembly operations are carried out in Saint-Nazaire. The construction phase has created more than 1,500 direct and indirect jobs, with around 1,000 positions in Le Havre alone.
This investment signals a growing trend of institutional investors diversifying into renewable energy projects, particularly offshore wind, as part of their long-term strategic portfolios. Allianz’s entry into the French market could spur further investment and collaboration, potentially accelerating the development of renewable energy infrastructure in the region. The project’s emphasis on local supply chains and job creation also highlights the broader economic benefits of offshore wind farms, which extend beyond mere energy generation.
As the energy sector continues to evolve, such investments are likely to shape the trajectory of renewable energy development, influencing policy, technology adoption, and market dynamics. The collaboration between Allianz and Ocean Winds sets a precedent for future partnerships, demonstrating the viability and attractiveness of offshore wind projects to institutional investors. This development could catalyze similar investments, fostering a more robust and diversified renewable energy landscape in Europe and beyond.