Allianz acquires majority stake in German large-scale storage developer GESI

Despite ongoing regulatory uncertainty, the large-scale energy storage market continues to present an attractive investment opportunity. Allianz Global Investors has acquired a 51% stake in Green Energy Storage Initiative (GESI) on behalf of Allianz insurance companies. Based in Pullach near Munich, GESI develops, finances, constructs, and operates utility-scale battery storage systems. In a separate move, Allianz Global Investors recently agreed with TotalEnergies to acquire a 50% stake in a portfolio of eleven large-scale battery storage projects in Germany.

According to Allianz Global Investors, GESI has already secured grid connection commitments for three major battery storage projects located across Bavaria and Lower Saxony. Together, these projects will deliver a combined power output of 2.6 GW.

The storage facilities are being developed at strategically important nodes within the transmission grid. They will leverage existing infrastructure, including sites previously used by decommissioned large-scale power plants. The projects are expected to become operational by 2029, with additional developments already in the pipeline.

“Modern storage solutions are a key component of a resilient and efficient energy system,” said Ludovic Subran, Chief Investment Officer of the Allianz Group, noting that demand for battery storage is strong and continuing to grow.

GESI CEO Walter Raizner emphasized the urgency of expanding storage capacity: “Germany urgently needs additional storage to ensure a successful and affordable energy transition. With Allianz as a highly experienced and trusted partner, we are ideally positioned to make a meaningful contribution to transforming the German energy system – in support of climate protection and a secure, sustainable energy supply.”

From pv magazine Germany