Allianz Global Investors has announced that it has acquired a 51 percent stake in battery storage platform Green Energy Storage Initiative (GESI) on behalf of Allianz insurance companies. The German company develops, constructs and operates high-performance, digitalized large utility-scale battery storage systems to provide flexibility within the energy system.
GESI is currently developing three large-scale battery storage projects across Bavaria and Lower Saxony, with an aggregate grid connection capacity of around 2.6 gigawatts. The projects rank among the largest battery storage developments in Germany and are located at strategically critical nodes of the transmission network. They benefit from the continued use of existing grid infrastructure, including former large power plant sites that have been decommissioned. Commissioning of the projects is scheduled by 2029. Furthermore, GESI has an attractive project pipeline.
Through this investment, Allianz further expan
