- Impact fund Klimavest invests in a solar park development project that incorporates agricultural use near Berlin
- Green electricity for an estimated 19,000 households per year
- Project gives private investors access to a new market segment
- Scheduled to open in 2025 – additional parks in the planning stages
Commerz Real is the first major asset manager in Germany to invest in an Elysium Solar project for its Klimavest impact fund. Located near Berlin, the park is scheduled to begin operations in 2025 and reach a nominal capacity of approximately 50 megawatts. With this acquisition, Commerz Real is making a large-scale agri-PV project in Germany accessible to private investors for the first time. More are set to follow.
The concept of agri-PV refers to the dual use of agricultural land in conjunction with photovoltaic systems: solar panels mounted on racks capture sunlight, while grains, fruits, or vegetables grow beneath or between them. “Agri-solar projects offer advantages through the multiple use of the same land and enable a balance of interests between nature conservation, agriculture, and the energy sector,” says Dominique Candrian, co-managing director at Elysium Solar.
Proponents of the technology argue that, particularly in densely populated countries like Germany, it could open up new areas for renewable energy production. The concept is flexible and can be adapted to specific uses and local environmental conditions as needed. Additionally, the solar modules can help shield crops from weather conditions such as hail or excessive sunlight, or improve the microclimate in the growing areas. In the project by Commerz Real and Elysium Solar, the modules are arranged in rows and automatically aligned with the sun’s path.
In the aisles between them, cultivation with agricultural machinery is possible. Suitable uses include, for example, the cultivation of asparagus or berries by a regional farm.
“Through this partnership, we are taking a leading role in Germany and bringing large-scale agri-photovoltaic projects to the capital market. In doing so, we are diversifying our portfolio and ensuring that our investors have the opportunity to earn attractive returns, while also making a tangible contribution to climate protection.”
Timo Werner
, fund manager of Klimavest at Commerz Real.
According to figures from the Federal Statistical Office, the projected electricity output of the agri-PV park is expected to be sufficient to meet the estimated annual demand of approximately 19,000 average households. The park is only the first project undertaken by the partners involved. It has already been agreed that Elysium Solar will develop at least two more agri-PV parks of similar size for Commerz Real.
About Commerz Real
Commerz Real is the Commerzbank Group’s asset manager for real asset investments and has over 50 years of international market experience. More than 800 employees at the headquarters in Wiesbaden and 17 other locations and branches in Germany and abroad manage assets totaling approximately 34 billion euros. Commerz Real combines comprehensive asset management know-how with broad structuring expertise to create its distinctive range of real asset-oriented fund products and customized financing solutions. The fund portfolio includes the open-ended real estate fund Hausinvest, Klimavest—the first impact fund for private investors with a focus on real assets—institutional investment products, and equity investments under the CFB Invest brand, featuring real asset investments in the key segments of real estate and renewable energy. As the leasing service provider for the Commerzbank Group, Commerz Real also offers customized equipment leasing solutions. Commerz Real has been investing in solar energy since 2005 and, since 2016, also in wind turbines and other energy infrastructure segments. The company currently manages more than 50 solar power plants and over 40 onshore and offshore wind farms in Germany and Europe, with a total rated capacity of approximately 1.5 gigawatts.
About the Klimavest
With Klimavest, Commerz Real launched the first impact fund for retail investors in 2020 that focuses on investments in real assets. Over its term, the fund aims to build a portfolio of investments in renewable energy generation, as well as sustainable infrastructure, mobility, and forestry, with a total value of at least 25 billion euros, of which approximately 10 billion euros will be equity. Unlike conventional sustainability funds, Klimavest invests in assets that make a measurable and thus verifiable contribution to reducing carbon dioxide (CO2) emissions. Additionally, it adheres to further strict sustainability parameters in accordance with the applicable EU Taxonomy Regulation. The fund management aims for an annual return (according to the BVI method) of between 3.5 and 4.5 percent. Investors can participate with a minimum of 10,000 euros and, in addition to performance updates, receive regular reports on the climate impact achieved by the assets in the fund.
