Allianz Global Investors (AllianzGI) has acquired a 51 per cent stake in the battery storage platform Green Energy Storage Initiative (GESI) on behalf of Allianz insurance companies. The investment targets the development of high-performance, digitalised utility-scale storage systems to enhance flexibility within the German power grid.
GESI is currently developing three major projects in Bavaria and Lower Saxony with a combined grid capacity of 2.6 GW. These developments, scheduled for commissioning by 2029, are located at strategically critical nodes, often repurposing existing infrastructure at decommissioned power plant sites.
“Modern storage solutions are a key component of stable energy infrastructure. Demand is growing rapidly,” said Ludovic Subran, Chief Investment Officer at Allianz Group. “We are delighted to drive the development of large-scale storage in Germany.”
Édouard Jozan, Head of Private Markets at AllianzGI, noted the strategic importance of the deal: “This is a targeted investment in a key technology that combines security of supply, grid stability, and decarbonisation.”
The move addresses a critical gap in Germany’s transition to renewables, where grid congestion often leads to the curtailment of green power.
“Germany urgently needs additional storage capacity,” stated GESI CEO Walter Raizner. “With Allianz, we are ideally positioned to contribute to an independent, sustainable energy supply.”
GESI COO Jens Michael Wegmann highlighted the economic impact, noting that billions of euros in green electricity are currently lost annually. “Allianz’s commitment demonstrates that storage is a key lever for better utilising renewables and reducing system costs,” he said.
