December 8 (Renewables Now) - German investment manager Commerz Real AG has bought its first agrivoltaics solar project which is expected to go online in 2025 and have a nominal capacity of about 50 MW.
Commerz Real, the real assets arm of German lender Commerzbank AG (ETR:CBK), has purchased the asset located close to Berlin for its Klimavest impact fund. Financial details were not provided. The buyer noted in the press release that it intends to make the project accessible to private investors.
The development was acquired from Elysium Solar, a joint venture of Zurich-based energy-focused advisory firms EIC Partners and LBD-Beratungsgesellschaft. Under the agreement, Elysium Solar will develop at least two more agrivoltaic parks of a similar size for Commerz Real.
“Agrivoltaics is a key technology that combines agriculture and renewable energy production. By now there are attractive investment opportunities in Germany in this growing segment, which we are now tapping for our investors,” said Yves-Maurice Radwan, head of Green Deal Infrastructure at Commerz Real.
Commerz Real has been investing in solar energy since 2005 and in wind power plants and other energy infrastructure segments since 2016, having a portfolio of 1.5 GW. It currently manages more than 50 solar power plants and over 40 onshore and offshore wind farms in Germany and Europe.
The German investment manager, along with Hydro Rein, in November pledged to invest over EUR 600 million (USD 631.3m) in an over 1-GWp solar project portfolio in Denmark over the next three-five years. In October, it took a 49% stake in a 169.1-MW renewable energy portfolio in France.
(EUR 1 = USD 0.950)