Return to search

Commerz Real buys two wind farms from new €300m fund

The German asset manager has secured two operational projects totalling 41MW as it reaches a first close on a renewable energy vehicle launched late last year.

A subsidiary of German banking group Commerzbank has acquired two wind farms in Germany in a deal worth €105 million.

Commerz Real, the asset management arm of Commerzbank, said the acquisitions came from its new CR Institutional Renewable Energies Fund, a vehicle launched towards the end of last year with a €300 million target that invests in German wind farms. The fund has now reached a €100 million first close after receiving capital from institutional investors, according to the firm.

A spokesperson for Commerz Real told Infrastructure Investor it expects to close the fund by the end of the year and is targeting a 5-6 percent IRR.

The two wind farms bought by the fund have a combined capacity of 41MW. Both the 30MW Duben-Süd project and the 11MW Karche II park were sold to the fund by German developer UKA. The latter has been in operations since 2015 while Duben-Süd began operating last year. Both benefit from the 20-year German feed-in tariff from commissioning.

Although largely focused on real estate, in 2011 Commerz Real led the €1.3 billion acquisition of a 74.9 percent stake in Amprion, a transmission system operator. It has also launched five solar funds since inception, the last of which came in 2013.