Commerz Real acquires wind parks seven and eight for special fund
5 wind turbines built by Vestas and Nordex in Rhineland-Palatinate and Saarland
Total output of 16.2 megawatts
Commerz Real Kapitalverwaltungsgesellschaft (KVG) has purchased two wind parks in Rhineland-Palatinate and in Saarland with a total power output of 16.2 megawatts for its “CR Institutional Renewable Energies Fund”, and thus increased the portfolio to eight assets. The seller is the international project developer BayWa r.e. from Munich. The technical operational management of the plants will remain the responsibility of BayWa r.e. It was agreed that confidentiality be maintained on the purchase price.
The wind park in Spechenwald, Saarland (Saarlouis rural district) comprises three wind turbines built by Nordex with a power output of 9.0 megawatts and went into operation in September 2018. The Sien wind park in the Birkenfeld rural district in Rhineland-Palatinate comprises two wind turbines built by Vestas with a total output of 7.2 megawatts and is due to be commissioned in January 2019. Both parks have a service life of 25 years. In each case there is a full-service agreement for a period of 20 years with the manufacturers of the turbines.
“CR Institutional Renewable Energies Fund” is structured as a closed-end special AIF (alternative investment fund) and is developing a diversified portfolio of onshore wind parks in Germany with a total volume of approx. 300 million euros for professional and semi-professional investors.
Commerz Real was advised on legal and tax aspects of the transactions by Baker McKenzie, Berlin, and on technical aspects by TÜV SÜD Industrie Service, Munich.