Allianz to invest in renewable China, India projects

Allianz SE plans to invest in renewable projects in India and China as it seeks to expand its overall clean energy portfolio by more than a billion euros (USD 1.5 billion) over the next three years, a company executive said.

"We are doing deals in India and China," said Armin Sandhovel, chief executive officer of Allianz Climate Solutions, the German insurer's subsidiary overseeing investments and products relating to climate change.

"That's where we're having clear investment interest," said Sandhovel, adding that the deals could be worth more than USD 100 million and the areas it is looking to invest in are small hydroelectric projects, wind parks and bioenergy ventures.