Commerz Real KVG acquires additional wind farm for closed-end special fund
Investment volume of 37.2 million euros
16.8 megawatt capacity, 15-year full service agreement with Nordex
Acquisition of additional plants with fixed feed-in tariffs planned
Commerz Real Capital-Management Company (Kapitalverwaltungsgesellschaft, KVG) has acquired an additional wind farm for its “CR Institutional Renewable Energies Fund”. “Flaeming” wind farm, located in the southern part of Brandenburg, has a total capacity of 16.8 megawatts and been connected to the national grid since the beginning of 2017. The investment volume is approx. 37.2 million euros. The seller is a project development company from the BVT Group of Companies. The seven wind turbines originate from the renowned German manufacturer Nordex, with whom there is a full service agreement for 15 years. Pursuant to the Act on Granting Priority to Renewable Energy Sources (EEG 2017) the term of the guaranteed feed-in tariff is 20 years and ends in 2036.
“CR Institutional Renewable Energies Fund”, which was conceived as a closed-end special AIF (alternative investment fund) and launched in the autumn of 2016, reported its first closing at the beginning of 2017 with the acquisition of two wind farms in Brandenburg with a total investment volume of approx. 105 million euros. Only recently Commerz Real had acquired an additional wind farm to the north east of Saarbrücken with an investment volume of 45 million euros. In the medium term the special fund is to be developed into a diversified portfolio of onshore wind farms focusing on Germany with a total volume of approx. 300 million euros for professional and semi-professional investors. “It is our objective to acquire additional plants that will be connected to the national grid by 2018 and thus be covered by the existing, state-guaranteed feed-in tariffs under the Act on Granting Priority to Renewable Energy Sources,” explains Johannes Anschott, the member of the board of managing directors of Commerz Real responsible for institutional business.
Commerz Real KVG was provided with advice on legal and tax aspects of the transaction by the international law firm Baker McKenzie.