Allianz Global Investors acquires 51% stake in 2.6 GW in GESI

With around 2.6 GW of capacity in development, the Green Energy Storage Initiative stands as one of the largest large-scale battery storage portfolios in Germany. This also represents Allianz’s second direct equity investment in battery storage projects in Germany within a short period, further supporting the stability and resilience of the country’s energy system.

Allianz Global Investors announced that it has acquired a 51% stake in the battery storage platform Green Energy Storage Initiative on behalf of Allianz insurance companies. The Germany-based firm focuses on developing, building and operating advanced, digitalized utility-scale battery storage systems. These are designed to enhance flexibility within the energy system.

Green Energy Storage Initiative is developing three large-scale battery storage projects in Bavaria and Lower Saxony. These are developed with a combined grid connection capacity of approximately 2.6 GW. These projects are among the largest battery storage developments in Germany and are strategically located at key points within the transmission network. They also make use of existing grid infrastructure, including former large power plant sites that have been decommissioned. Commissioning is expected by 2029 and the platform is supported by a strong and expanding project pipeline.

Through this investment, Allianz is further expanding its presence in utility scale battery storage sector.  System-critical infrastructure that supports grid stability and resilience are developing by this enhancement. Battery storage is essential to energy transition for providing short-term flexibility, reducing grid congestion and enabling efficient integration of renewable energy into the power system.

The strategic importance of the investment was discussed and highlighted by the Senior representatives from Allianz and Allianz Global Investors along with GESI leaders. They noted that the large-scale battery storage is essential for enabling energy transition, improving grid flexibility and supporting the integration of renewable energy. The executives also states that this partnership strengthens long-term infrastructure development and also improves the stability and resilience of the energy system.

Allianz Global Investors is a leading active asset manager and a subsidiary of the Allianz Group. It works with over 700 investment professionals across 21 global offices and managing approximately EUR 591 billion in assets. This company mainly focus on investing by identifying opportunities in changing markets and delivering solutions across both public and private asset classes. With a strong goal of protecting and growing client assets, AllianzGI aims to build long-term partnerships which are supported by a commitment to sustainability and creating positive impact beyond financial returns.

GESI SE is headquartered in Pullach. It focuses on development, financing, construction and operation of large-scale battery storage systems. The company has already secured grid connection commitments for three projects with a combined capacity of 2.6 GW, with additional projects under development.

The operational leadership includes Walter Raizner (Chairman & CEO) and Jens Michael Wegmann (COO & Board Member) both have extensive industry experience. The company is further supported by a group of prominent shareholders and board members, including experienced business leaders and former executives, as well as an advisory board comprising experts from leading institutions in energy, technology, and research.