Commerz Real enters Swedish photovoltaic market with major deal
Acquisition of two solar park projects with a total output of 69 MWp from Helios Nordic Energy for Institutional Renewable Energies II Fund
Avoidance of approx. 295 tonnes of CO2 p.a., annual electricity consumption of ca. 8,500 Swedish households covered
Commerz Real is entering the Swedish photovoltaic market. The real assets subsidiary of Commerzbank has purchased two solar park projects with a total output of 69 MWp for its “Institutional Renewable Energies Fund II”: “Kings Roar” with an installed capacity of 21.7 MWp in the municipality of Västerås about 100 kilometres west of Stockholm and “Tierpark” with 47,3 MWp in Tierp about 130 kilometres to the north of the Swedish capital. According to statements by the seller, des Swedish project developer Helios Nordic Energy, this is one of the biggest transactions to date on the Swedish solar energy market. In an initial stage the signing took place for both photovoltaic parks as well as the closing for “Kings Roar”. The closing for “Tierpark” is to take place in the autumn of 2022 once all the closing conditions have been fulfilled.
Following their scheduled completion in 2023 the two parks will lead to avoidance of approx. 295 tonnes of carbon dioxide emissions every year. The generated electricity is to be marketed on the Scandinavian energy exchange Nord Pool at the respective daily price and according to figures from EUROSTAT, the Statistical Office of the EU, will meet the annual electricity requirements of about 8,500 Swedish households. Helios will take care of the operation and maintenance of the plants across their entire service life.
The Swedish market for photovoltaic offers attractive framework conditions in selected regions. As grid parity was achieved some years ago already, we are able to further diversify our portfolio for our institutional investors geographically and in terms of electricity generation types in a growing solar market.
Yves-Maurice Radwan, Head of Green Deal Infrastructure at Commerz Real
Commerz Real began investing in solar energy as long ago as 2005 and in wind power plants in 2016. At present the asset manager for investments in real assets within the Commerzbank Group manages more than 50 solar power plants and more than 30 onshore and offshore wind farms with a total installed capacity of more than 1.4 gigawatts.