Commerz Real acquires sixth wind park for renewable-energies fund
Capacity of 13.8 megawatts
15-year full service agreement with global market leader Vestas
Final fund closing expected by the end of 2018
Commerz Real Capital Management Company (Kapitalverwaltungsgesellschaft, KVG) has purchased the sixth wind park for its “CR Institutional Renewable Energies Fund”. Situated in Schenkendöbern in the Spree-Neisse administrative district (Brandenburg), the park encompasses a total of four wind turbines with an aggregate output of 13.8 megawatts. The turbines were commissioned between June 2016 and January 2017 with a total service life of 25 years. Within the framework of a full service agreement for 15 years the manufacturer of the turbines, the global market leader Vestas, will be responsible for the technical maintenance and servicing. Pursuant to the Act on Granting Priority to Renewable Energy Sources (EEG 2014), the feed-in tariff foresees a 20-year promotional subsidy period.
The wind park was sold by the UKA Group, domiciled in Meissen (Saxony). The technical operational management of the turbines will continue to be the responsibility of UKB Umweltgerechte Kraftanlagen Betriebsführung GmbH. Commerz Real had only recently acquired the Wustermark wind park with a total nominal output of 9.9 megawatts in Brandenburg’s Havelland administrative district from UKA.
“CR Institutional Renewable Energies Fund” is structured as a closed-end special AIF (alternative investment fund). The final closing is planned for the end of 2018. The fund will then have developed 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 provided with advice on legal and tax aspects of the transaction by Watson Farley & Williams LLP, Hamburg.