Commerz Real, investing on behalf of its impact real assets focused fund, has acquired Mirova’s 49% stake in a 169.1MW wind and solar portfolio in France.
Commerz Real’s Klimavest fund has invested an undisclosed sum to buy the portfolio of nine onshore wind farms and one solar park. The remaining 51% is held indirectly by EnBW’s French subsidiary Valeco.
The majority of the portfolio is located in the south of France between the metropolitan areas of Montpellier and Toulouse.
The assets are all in operation and were connected to the grid between 2016 and 2021. All ten parks benefit from 15- or 20-year national inflation-indexed feed-in tariffs, Commerz Real said.
Timo Werner, fund manager of Klimavest at Commerz Real, said: “With this transaction, we are further expanding the Klimavest portfolio with proven assets and long-term plannable returns.
“The purchase reflects our strategy of broad diversification of assets with different geography, type of power generation, remuneration model and year of construction.”
The latest deal further strengthens Commerz Real and EnBW’s renewable energy generation partnership. Last year, Klimavest bought a stake in the wind farms in Germany owned by EnBW Energie Baden-Württemberg.
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