Commerz Real has acquired a ready-to-build solar park in eastern France for its Klimavest fund.
Developer BayWa r.e. has agreed to sell the 47MWp Amance photovoltaic power plant, which covers an area of 42 hectares in Aube, close to the city of Troyes.
Construction has already started, with completion and commissioning scheduled for September.
As well as developing the solar park, BayWa r.e. will also be responsible for the subsequent technical and commercial management.
Once in operation the solar park is set to meet the average energy consumption of about 11,000 French households.
Global head of green deal infrastructure at Commerz Real Michael Henn said: “France is an attractive investment location for solar and wind power projects thanks to its economic and political framework conditions.
“In BayWa r.e. we have an experienced partner by our side, and one with whom we have already successfully collaborated in the past.”
The generated electricity is intended to be marketed through the fixed state feed-in tariff in combination with a long-term power purchase agreement (PPA) with a commercial bulk buyer.
Launched in 2020, Klimavest currently has managed assets totalling €1.5bn.
Its portfolio encompasses more than 40 wind power and photovoltaic investments in six countries.