PM: AllianzGI acquires 51% stake in GESI

With 2.6 GW of connected load under development, GESI currently represents one of the largest portfolios of large-scale battery storage in Germany | This is Allianz’s second direct equity investment in battery storage projects in Germany in a very short period of time

April 23, 2026 | Allianz Global Investors (AllianzGI ) announced today that it has acquired a 51% stake in the battery storage platform Green Energy Storage Initiative (GESI) on behalf of Allianz insurance companies. The German company develops, builds and operates high-performance and digitized large-scale battery storage systems to provide flexibility in the energy system.

GESI is currently implementing three large-scale battery storage projects at various locations in Bavaria and Lower Saxony with a total connected load of around 2.6 GW. The projects are among the largest battery storage systems in Germany and are located at strategically relevant grid nodes in the transmission grid. They benefit from the continued use of existing grid infrastructure, including at the sites of decommissioned large power plants. Commissioning is planned by 2029. GESI also has an attractive project pipeline.

With this investment, Allianz is expanding its involvement in the field of large-scale battery storage and is thus repeatedly contributing to the stabilization and resilience of the energy system by scaling new, system-critical infrastructure. Battery storage systems are a key component of the energy transition, as they can reduce grid bottlenecks, efficiently integrate renewable energies and provide short-term flexibility.

“Modern storage solutions are an important element of an efficient and stable energy infrastructure. The demand for battery storage is therefore high and growing dynamically. This investment in GESI is already our second direct equity investment in battery storage in Germany alongside the partnership with TotalEnergies, which we announced at the beginning of March. We are very pleased to join forces with GESI’s established and highly experienced management and shareholders to further advance the development of large-scale battery storage in Germany,” said Ludovic Subran, Chief Investment Officer, Allianz Group.

“Germany is the largest electricity market in Europe. Following our recently announced investment in the electricity transmission system operator Amprion, with this second investment in battery storage we are once again making a targeted investment in a key technology of the energy transition that combines security of supply, grid stability and decarbonization and offers our clients long-term value creation potential,” says Édouard Jozan, Head of Private Markets, Allianz Global Investors.

“Germany urgently needs additional storage capacities for a successful and affordable energy transition,” says GESI CEO Walter Raizner. “With Allianz as an experienced and renowned partner, we are now ideally positioned to make a significant contribution to the transformation of the German energy system – in the interests of climate protection and an independent, sustainable energy supply.”

“Billions of euros worth of green electricity is currently lost every year because wind and solar plants have to be curtailed or switched off,” says GESI COO Jens Michael Wegmann. “The Alliance’s commitment shows that energy storage is a key lever for making better use of the potential of renewables, reducing system costs, increasing security of supply and thus improving the economic efficiency of the energy system as a whole.”