Allianz has taken a significant step in renewable energy by acquiring a minority stake in the Yeu-Noirmoutier offshore wind farm project. This project is located 11 kilometers (6.8 miles) offshore of Yeu, and 16 kilometers (9.9 miles) from Noirmoutier. The solar-plus-storage project will provide an eye-popping installed capacity of 488 megawatts (MW). This agreement includes the first cooperation between Allianz and Ocean Winds, an entity established by EDP Renewables and ENGIE.
Construction activities for the Yeu-Noirmoutier offshore wind farm are just now finishing. In total, the project has created more than 1,500 direct and indirect jobs, including approximately 1,000 jobs generated directly in Le Havre. Construction activities are expected to start in June of 2025. This local, long-lasting clean energy project will provide clean, affordable energy to over 800,000 residents.
The overall investment for the Yeu-Noirmoutier offshore wind farm project is €2.5 billion, or $2.93 billion. This investment signals Allianz’s deep commitment to renewable energy. The company has been a pioneer in this sector in France since 2008.
In fact, more than two-thirds of the turbines for the project are already installed. They are no longer just passively reaping profits on the back of French householders’ electricity supply. Once built out, the wind farm is projected to produce almost 1,900 gigawatt-hours (GWh) of energy per year. This significant production underscores its essential place in the renewable energy industry.
The construction phase of this project as a great example would depend on a robust European supply chain. An encouraging 95% of our Tier 1 suppliers are located in Europe. This local sourcing commitment connects with multi-faceted efforts to increase sustainability throughout the metropolitan area.
Mario Skoric, a representative from Allianz, expressed enthusiasm about this new venture:
“This project marks our third direct investment in offshore wind following investments in the Netherlands and Germany, and is our first offshore wind investment in France, a market where Allianz has been actively investing in renewable energy projects since 2008.”
With full commissioning expected in the first quarter of 2026, the Yeu-Noirmoutier offshore wind farm represents a major advancement in France’s renewable energy efforts and will contribute significantly to the country’s energy transition goals.
“îles d’Yeu et Noirmoutier is a further testament to our commitment to the energy transition and the importance of expanding renewables infrastructure. We are delighted to collaborate with Ocean Winds on this important project, which supports the path to decarbonisation while delivering long-term value for our policyholders.”
With full commissioning expected in the first quarter of 2026, the Yeu-Noirmoutier offshore wind farm represents a major advancement in France’s renewable energy efforts and will contribute significantly to the country’s energy transition goals.