Vector Renewables, asset manager of a 131 MW solar portfolio owned by Commerz Real`s impact fund Klimavest
Vector Renewables has signed an agreement with Klimavest, an impact fund that has been launched by German asset and investment manager Commerz Real end of last year, for the management of three solar PV plants in Spain, totalling 131 MW. With this new contract, Vector Renewables strengthens its portfolio under management to more than 3.8 GW.
The portfolio consists of three solar PV projects that Commerz Real acquired on behalf of Klimavest from Bruc Energy and Cero Generation in May 2021.
Of the three plants, two are located near Alvarado, southwest of Badajoz. With a capacity of 50 MW each, they have been in operation since August 2020.
The third, located in Castilla la Mancha, is currently in the development phase and is expected to be connected to the grid by the end of 2022. The latter is expected to have a nominal capacity of 31,25 MW.
With this new contract, Vector Renewables strengthens its portfolio of projects under management to more than 3.8 GW worldwide, one of the largest portfolios managed for third parties by a single company. With 15 years of experience in the sector, Vector Renewables has provided Technical Advisory services for over 70 GW in more than 40 countries and 5 GW through its M&A and Financial Advisory services. To date, the company has been involved in more than 3000 projects, which has allowed it to position itself as one of the most relevant companies in the renewable industry worldwide.
Commerz Real is the asset manager of real asset investments of Commerzbank. With almost 50 years of market experience and about 35 billion euros in assets under management, the company has already been investing in infrastructure assets for more than 20 years, focusing on three areas: transport and mobility, on-grid infrastructure, and energy generation. In total Commerz Real has successfully concluded more than 80 transactions across all three areas. With a transaction volume of about seven billion euros it is one of the largest German asset managers in this segment. The main focus of the transactions in recent years has been on the field of renewable energy. Here Commerz Real manages more than 50 solar power stations and – excluding the Klimavest portfolio – fourteen onshore and offshore wind farms. Their total installed capacity is more than 1 gigawatt.
With Klimavest, in November 2020 Commerz Real launched the first impact fund focusing on real assets for private investors. In the course of its term, it is intended to develop a portfolio of plants for the generation of renewable energy, as well as sustainable infrastructure, mobility and forestry with a value of at least 25 billion euros, with about 10 billion euros thereof in the form of equity capital. In contrast to conventional sustainability funds, Klimavest is investing in those assets which make a tangible and thus demonstrable contribution to a reduction in carbon dioxide (CO2) emissions.