Commerz Real, through its impact fund Klimavest, has acquired 49% of 169MW wind and solar portfolio in France.
The portfolio consists of nine wind farms and one solar park with a total capacity of 169.1MW.
The assets are all in operation and were connected to the grid between 2016 and 2021 and they all benefit from 15- or 20-year national inflation-indexed feed-in tariffs.
The shares will be held by Commerzbank’s impact fund Klimavest and the remaining 51% is held indirectly by Valeco, part of EnBW.
The seller of the stake is a fund managed by Mirova, an affiliate of Natixis Investment Managers.
The majority of the portfolio is located in the south of France between the metropolitan areas of Montpellier and Toulouse.
This is not Klimavest’s first investment in France as the impact fund had already acquired an onshore wind farm not far from the Atlantic coast of western France in 2021.
“With this transaction, we are further expanding the Klimavest portfolio with proven assets and long-term plannable returns,” said Timo Werner, fund manager of Klimavest at Commerz Real.
“The purchase reflects our strategy of broad diversification of assets with different geography, type of power generation, remuneration model and year of construction.”