Strategic PartnershipTogether for the energy transition: klimaVest and EnBW as strong partners

What began as a targeted portfolio decision has developed into one of the important pillars of the klimaVest fund.

Time to read7 min.

updated at06/10/2026

CategoryFund activities

Three wind turbines stand in a green forest under a blue sky.

Loading component...

Strong investments need strong partners. For klimaVest, EnBW Energie Baden-Württemberg AG is exactly that: a reliable partner with operational depth, a world-class onshore wind portfolio and the know-how to operate renewable energy assets long-term and efficiently. What began as a targeted portfolio decision has developed into one of the important pillars of the klimaVest fund.

Two houses, one common goal

klimaVest is the ELTIF (European Long-Term Investment Fund) from Commerz Real - the first open-ended renewable energy fund for private investors in Germany since its launch in October 2020. EnBW is one of the largest German energy companies and has been a driver in the field of onshore wind for years.

Both companies have more than one purchase contract: It is a shared understanding of what makes long-term sustainable investments in the energy transition - stable revenues, proven operational excellence and a clear contribution to decarbonising the electricity mix.

The EnBW investment portfolio: 14 wind farms, a joint venture

In March 2021, klimaVest took a significant step: With the acquisition of a 49.9 percent stake in EnBW WindInvest GmbH & Co. KG, the fund secured access to a portfolio of 14 onshore wind farms in Germany - structured as a joint venture together with EnBW Energie Baden-Württemberg AG.

The parks are divided into four states: Baden-Württemberg, Brandenburg, Rhineland-Palatinate and Saarland - geographical diversification that minimises location risks and strengthens security of supply.

Each individual park reflects the level of quality that klimaVest expects from an asset:

Commissioning between 2013 and 2020, mainly in 2017 and 2018
First-class turbine manufacturer: Vestas, Nordex and Enercon
Secured state feed-in tariffs with a term of 20 years each according to the Renewable Energies Act (EEG)
Guaranteed technical availability of 97 percent according to maintenance contract

The parks were largely built by EnBW Windkraftprojekte GmbH - as an extended arm of a company that understands wind as its core business.

What distinguishes the partnership beyond pure purchase: EnBW is not just present on paper. EnBW Offshore Services GmbH takes over the technical operation of all 14 wind farms in the portfolio - and thus guarantees the same quality in ongoing operation that was also set during construction and commissioning.

This continuity is not a coincidence, but a program. klimaVest deliberately relies on operation managers who know their assets - and EnBW has known these parks since day one.

The finding is also reflected in the diversification structure of the overall portfolio: Together with Valeco/EnBW, EnBW is responsible for around 34 percent of the installed output in the klimaVest portfolio according to installed output - and is thus the most important operation manager in the fund.

The EnBW portfolio is not a monolithic structure, but rather a carefully compiled ensemble of different locations.

Here are just a few examples:

Overview of individual locations

Rheinland-Pfalz

Freckenfeld

With a total rated output of 19.8 MW, Freckenfeld is the most powerful individual site in the EnBW portfolio. Six Nordex N131 turbines, each 3.3 MW, have been reliably supplying electricity to the grid since February 2018.

More about the Freckenfeld wind farm

A worker in protective clothing standing in front of large wind turbines in a field at sunset.

Brandenburg

Neuruppin

The park in the Ostprignitz-Ruppin district with 16 MW of power and four Vestas V90 turbines is the oldest in the portfolio (commissioned: September 2013) - and has delivered stable results for over a decade.

Baden-Württemberg

Buehlertann

Four Vestas V126 turbines with a total capacity of 13.2 MW - commissioned in May 2017 and have since been a reliable part of the portfolio.

Three windmills standing in front of a blue sky over a green forest.

Baden-Württemberg

Duensbach & Winterbach

Both wind farms in the Hohenlohe region and in the Rems-Murr district are exemplary examples of the concentration of powerful wind power in the south of Germany - with 9.9 MW each using proven Vestas technology.

A white wind turbine with a red accent against a clear blue sky.

Loading component...

There are also other locations in Hasel, Prötzel, Nonnweiler, Dienstweiler, Soellenthin, Webenheim, Rosenberg Sue and Rot am See - all with long-term secured EEG remuneration.

The partnership grows: France with Valeco

What began in Germany in 2021 was consistently continued in October 2022 - and elevated to a new geographical level. Commerz Real deepened its strategic partnership with EnBW via its French subsidiary Valeco: klimaVest acquired 49 percent of the shares in a French wind and solar portfolio consisting of nine onshore wind farms and a solar farm with a total output of 169.1 megawatts. The remaining 51 percent remained with Valeco.

The majority of the portfolio is located in southern France between the metropolitan areas of Montpellier and Toulouse - in a region with excellent wind conditions and a stable regulatory framework. All ten parks benefit from 15- and 20-year government and inflation-indexed feed-in tariffs. Long-term full maintenance contracts with manufacturers such as Vestas and Enercon ensure technical quality in operation.

The potential annual electricity production of klimaVest’s participation corresponds to the average annual consumption of around 35,000 French private households - and is linked to a greenhouse gas avoidance potential of more than 20,000 tonnes.

A man in a grey suit stands in front of a structured, weathered wall and smiles into the camera.

Timo Werner

klimaVest fund manager since the first hour in 2020

With this transaction, we are further expanding the klimaVest portfolio with proven assets and long-term predictable earnings. The acquisition reflects our strategy of broad diversification of assets with different geographies, types of power generation, remuneration model and year of construction.

Loading component...

A partnership with perspective

The EnBW portfolio is not alone. It is part of a total klimaVest portfolio, which now comprises more than 1.6 billion euros in fund volume and is invested in 43 wind and solar power plants as well as electricity grids in 6 (excluding Luxembourg) European countries - from Finland to Spain, from Sweden to Ireland.

The cooperation with EnBW is pioneering in this context: It shows that large energy companies and specialised infrastructure funds not only complement each other, but also achieve more together than anyone could alone. EnBW brings operational strength, market access and technical know-how - in Germany as well as via Valeco in France. klimaVest provides the necessary capital and turns private investors into co-investors in future-proof energy infrastructure.

What started in 2021 with a handshake has evolved into a resilient and strategically coherent partnership - with 14 running wind farms as a common foundation.

klimaVest portfolio

More insights into the portfolio

The klimaVest portfolio: 43 locations. 6 (excluding Luxembourg) countries. A portfolio. See where klimaVest is investing - with an interactive map and detailed information on each asset.