News ReleasesCommerz Real’s first offshore wind fund placed

Commerz Real Kapitalverwaltungsgesellschaft (KVG) reports the successful placement of its Institutional Infrastructure Offshore Fund. Several institutional investors are participating in the Veja Mate wind farm with a total of more than 200 million euros via the special AIF (Alternative Investment Fund) in the form of an asset-managing closed investment KG. With an accumulated distribution of 13.55%, the distribution since the launch of the fund is above the plan of 13.19%.

Commerz Real was the largest shareholder of an investment consortium in the project company of the Veja Mate offshore wind farm in the North Sea in February 2019. With a total of 67 wind turbines and a total output of 402 megawatts, this is Germany’s second largest offshore wind farm and one of the ten largest parks in the world. Together with the shares of other syndicate partners and the debt capital, the transaction volume amounted to around 2.3 billion euros. In addition to the Institutional Infrastructure Offshore Fund, the Institutional Renewable Energy Fund II and the Institutional Multi Asset Fund II of Commerz Real are also invested in the park.

The Institutional Infrastructure Offshore Fund benefits from a local wind speed of over 12 m/s and shows positive key figures. At the end of March 2020, the targets were exceeded in terms of both sales (plus 8.9 percent) and energy generated (plus 3.9 percent). In addition, the electricity production of the plant completed in 2017, located just under 100 km north-west of the island of Borkum, will fall under the state-guaranteed feed-in tariff in accordance with the Renewable Energies Act by 2037, resulting in carbon dioxide savings of around 950,000 tonnes per year.