Commerz Real invests in 169-MW wind, solar portfolio in France

German investment manager Commerz Real AG on Tuesday said that it has taken a 49% stake in a 169.1-MW renewable energy portfolio in France from local asset manager Mirova, an affiliate of Natixis Investment Managers.

The portfolio comprises nine onshore wind farms and one solar park. All of the assets are in operation, with the majority located in the south of France between the metropolitan areas of Montpellier and Toulouse. The power plants were connected to the grid between 2016 and 2021 and all of them receive feed-in tariffs for a period of 15 or 20 years.

Apart from expanding Commerz Real’s overall portfolio and presence in France, the investment also deepens its cooperation with German utility EnBW (ETR:EBK) whose French subsidiary Valeco is the owner of the remaining 51% of the portfolio.

Commerz Real, the real assets arm of German lender Commerzbank AG (ETR:CBK), carried out the deal through its impact fund Klimavest which entered the French market in 2021 with the acquisition of an onshore wind farm not far from the Atlantic coast.

“The purchase reflects our strategy of broad diversification of assets with different geography, type of power generation, remuneration model and year of construction,” Timo Werner, fund manager of Klimavest, noted in the Tuesday statement.

Commerz Real did not disclose the financial details of the transaction.

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