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The insurance group's in-house investment division is developing the Sättravallen project, east of Kristinehamn in the south of the country.

Vestas said that it expects to deliver the 16 V126-3.3MW turbines in the third quarter of 2015, with commissioning due in the fourth quarter. The deal includes an operations and maintenance contract that will see Vestas service the turbines for a period of 15 years.

The V126, was unveiled in September 2012 and is the low-wind version of Vestas' V112-3MW platform. The Danish manufacturer has to date installed 1,500 turbines with a capacity of 2.3GW in Sweden.

Allianz has invested significantly in renewable energy. Last year saw the insurer pump EUR 400 million into wind.

While most of its projects have been within the eurozone, last year the company strayed into new territory with the purchase of the 72MW Maevaara wind farm in Sweden.

Speaking to “uåX˜äŠÊ˜·³Ç earlier this year, its head of renewable energies David Jones said it was looking at other opportunities in the Scandinavian country.