IKAV has completed the oversubscribed first close of its i-BESS Co-Investment Fund targeting utility-scale battery energy storage projects in Germany.
The company said the first close targeted €75 million and attracted commitments from German institutional investors including insurance companies and pension schemes.
IKAV added that the fund portfolio currently includes five secured projects with a combined capacity of more than 1GW.
Two projects are expected to enter operation in autumn 2026, with the remaining portfolio scheduled for commercial operation in 2027 and 2028.
The Luxembourg-based co-investment vehicle focuses on utility-scale battery energy storage systems in Germany and a follow-on close is targeted for autumn 2026.
IKAV said the portfolio was secured more than two years ago and will be transferred to the fund shortly before operations begin, limiting development and construction delay risks.
“Germany’s energy transition and immense build-out of renewable generation require flexible energy infrastructure,” said Constantin von Wasserschleben, chairman of IKAV.
“Utility-scale battery storage systems help reduce volatility and stabilise energy prices for the benefit of market participants and consumers.
“The current build-out of battery storage shows robust growth but remains well below market requirements.”