Brookfield snaps up German renewables fund manager

The deal - which will Brookfield Asset Management buy German manager Lampe Equity Management - gives the Canadian manager's renewables platform a wind and solar portfolio of over 600MW spread across five funds.

Brookfield Asset Management has bought German fund manager Lampe Equity Management, securing a portfolio worth €1.3 billion.

The German firm is the asset manager of CEE Group, a European renewables investor that holds a portfolio of 605MW across 49 wind and solar projects in Germany, France and the UK. The assets have been acquired on a 20-year buy and hold basis across five funds since 2010.

Lampe Equity Management also has a fund advisory unit, which has previously acted for an infrastructure debt fund and also offers real estate, forestry and private equity services. The group established a natural resources unit in 2014 which aims to buy and manage a total of 30,000 hectares of forestry in the US.

The firms declined to disclose the purchase price of the deal.

The acquisition will significantly diversify Brookfield’s European portfolio, which stands at about 2.6GW, with assets based in the UK, Ireland and Portugal via the Brookfield Renewable Partners platform. However, just over 2GW of this capacity is in two pumped hydro storage stations in Wales, though newly acquired Lampe said it remains focused on growing the asset base.

“We will continue our activities in the segment and continue to develop the product portfolio, which will be expanded in the future,” said Stephan Schüller, general partner at Lampe Equity Management.