Allianz Capital Partners has agreed to purchase a 75 percent stake in Galp Gas Natural Distribuicao (GGND), a regulated distribution network in Portugal. The seller was Galp Energía. Terms of the transaction were not disclosed.
This marks Allianz’s first direct infrastructure investment in Portugal.
Spanning more than 13,000 kilometers (8,077 miles), GGND’s network is one of the most modern distribution networks in Europe. Nearly 95 percent of the network consists of low-pressure polyethylene pipes, which can be used for distributing hydrogen, synthetic natural gas or biomethane.
“We look forward to supporting jointly with GGND and our partners this critical infrastructure which contributes to the decarbonization plan of the Portuguese economy and can become an important enabler for the energy transition towards renewable gases while delivering long-term, risk-adjusted returns for our insurance customers and investors,” said Christian Fingerle, CIO at A
