Commerz Real was the first large asset manager in Germany to acquire a project in the field of so-called agri-photovoltaics, or Agri-PV for short, for its Klimavest impact fund. Located near Berlin, the park is expected to start operation in 2025 and reach a nominal output of around 50 megawatts. The seller and cooperation partner is Elysium Solar, a joint venture between the consultancy firms EIC Partners from Zurich and LBD-Beratungsgesellschaft from Berlin, which specialise in the energy market. Elysium Solar develops and supports agricultural PV projects together with research and development partners. With the acquisition, Commerz Real is making a large-scale agricultural PV project in Germany accessible to retail investors for the first time. More are expected to follow.
Agri-PV combines agriculture and renewable energy supply as a key technology. Attractive investment opportunities are emerging in Germany, which we are now opening up for our investors.
The Agri-PV concept refers to the dual use of agricultural land in conjunction with photovoltaic systems: Solar modules mounted on stands catch the sunlight, and grains, fruit or vegetables grow underneath or between them.
Agri-solar projects offer advantages through the multiple use of the same area and enable a balance of interests between nature conservation, agriculture and the energy industry.
Advocates of the technology argue that this could open up new areas for renewable energy generation, especially in densely populated countries such as Germany. The concept is flexible and can be adapted to the specific use and environmental conditions on site as required. In addition, the solar modules can help to shield the harvest from weather influences such as hail or excessive solar irradiation or to improve the microclimate on the cultivated areas.
In the project by Commerz Real and Elysium Solar, the modules are set up in rows and automatically aligned with the course of the sun. Agricultural machinery can be used in the corridors in between. Suitable uses include the cultivation of asparagus or berries by a regional farm.
“With this cooperation, we are taking on a pioneering role in Germany and bringing large-scale agri-photovoltaics to the capital market,” says Timo Werner, fund manager of Klimavest at Commerz Real. “This is how we diversify our portfolio and ensure that our investors have the opportunity for attractive returns, together with a concrete contribution to climate change mitigation.”
According to figures from the Federal Statistical Office, the forecast electricity production of the agricultural PV park is expected to be sufficient to cover the calculated annual demand of around 19,000 average households. The park is only the first project for 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
Commerz Real AG is the asset manager of the Commerzbank Group and has 50 years of international market experience. The company combines extensive know-how in asset management with broad structuring expertise and uses this expertise to develop tangible asset-oriented fund products and individual investment solutions in the real estate and infrastructure sectors. As a leasing service provider of Commerzbank, Commerz Real Mobilienleasing also offers needs-based leasing concepts.
Since 2025, the Commerzbank Group’s asset management holdings have been bundled with Commerz Real AG. In addition to Commerz Real’s brands and products, these include the Aquila Capital investment company with a focus on sustainable tangible asset investments in the area of energy infrastructure and Yellowfin as a boutique for liquid investment strategies. Under the umbrella of Commerz Real AG, a total of around 1,000 employees manage assets of around EUR 55 billion at around 20 locations.
A Commerzbank Group company