DWS and MEAG, the asset manager of Munich Re and ERGO, have jointly acquired Weltec, a top producer of biogas and biomethane in Germany. Financial details were not disclosed.
Based in Vechta, Lower Saxony, Weltec owns and operates five biomethane and four biogas plants across Germany. Under DWS and MEAG’s ownership, the company plans to invest in significantly increasing biomethane production volumes across its portfolio. These investments include upgrading the four biogas plants to produce biomethane; transitioning the plants’ feedstock mix to sustainable, waste-based sources; and installing on-site carbon dioxide liquefaction technology to reduce Weltec’s carbon footprint.
DWS made the acquisition on behalf of its third institutional Pan-European Infrastructure Fund (PEIF III), which held a final close in 2021 with €3 billion ($3.2 billion), surpassing its €2.5 billion ($2.6 billion) fundraising target.
DWS believes that Europe will need to make sign