klimaVest is five years old and has grown strongly since then. Would you have imagined this development at the start of the fund?
To be honest, it even exceeds my own expectations at the time. klimaVest is an ELTIF (European Long-Term Investment Fund) that makes the endless potential of renewable resources available to private investors - in a single investment. If I look at the numbers today: 1.6 billion billion euros fund volume, over 30,000 investors, largest ELTIF in Europe - this shows that we seem to have hit a real need and, in a positive sense, a nerve.
What sets klimaVest apart from other investment products?
Open infrastructure funds such as our klimaVest offer private investors direct and diversified access to an asset class that was traditionally reserved for more professional investors. One investment, 43 assets in 6 (excluding Luxembourg) countries - that’s klimaVest today. Our investors diversify their portfolio with renewable energies and grid infrastructure, benefiting from long-term purchase agreements for the electricity produced, which enable value-stable returns. What many appreciate: Investments in tangible assets such as infrastructure are largely independent of daily fluctuations in the equity market. This can make them a stability anchor when added to the custody account.
The past year was a very moving one. What developments have you made the most impact on?
I would say that we have further developed our strategy a great deal and are clearly positioned at the same time. With the Moanvane wind farm - 57.6 megawatts (MW) with a 15-year purchase agreement - we have opened up Ireland as a new market for klimaVest. The country offers fantastic wind resources. In France, we have strengthened our photovoltaic share with the ready-to-build Amance solar park. Construction is progressing well, so the park will be connected to the grid this year. In electricity marketing, we work with a combination of the state feed-in tariff and an electricity purchase agreement with a large-scale customer. As a result, we expect long-term, predictable income from the operation of the power plant, which can supply around 11,000 French households with electricity.
You’re talking about strategic positioning - wasn't there a very special innovation?
Right, without wanting to praise ourselves too much, but that was really a coup for us: We acquired 4.5 percent of Amprion - one of the four German transmission system operators - through the M31 holding company. This makes us the first open-ended private investor fund to invest in German electricity grids. Grid infrastructure now accounts for a good third of our portfolio and generates weather-independent, government-regulated income. While wind and sun sometimes deliver more, sometimes less, the electricity grid always runs. As owners, we receive a state-guaranteed return on our invested capital, regardless of the amount of electricity flowing through the grid. Our Spanish solar project Castillejo has also reached Ready-to-Build status and is expected to go online in 2026. However, the projects show that grid connection is the needless eye for renewable energy projects. That’s why network expansion is so important.
2025 was not an easy year for the renewables industry. How did you manage this?
That’s right, it was quite challenging: relatively little wind in the first half of the year, low electricity prices, falling interest rates. Many market participants struggled. But this is precisely where the value of our own diversification strategy across several countries, technologies and marketing channels is evident. With state electricity feed-in tariffs, power purchase agreements, electricity sales on the open market via the electricity exchange and the newly added grid infrastructure, we have various sources of income. This has an overall stabilising effect and helps us to cushion market turbulence.
How secure is the financial basis of klimaVest?
Very solid, I can say that with a clear conscience. Our debt financing ratio is only 25.56 percent - this gives us plenty of leeway. And one more important point: 82.7 percent of our portfolio is already operational assets. Only 17.3 percent are still in development. We are developing these projects to remain in the fund and do not speculate on selling them profitably as soon as possible. This strategy significantly minimises risks because we are not dependent on revenue from project sales.
How do you see the future? What is the next step?
I am quite optimistic about the new financial year, we are aiming for a return of between 3 and 4 percent. Our solar project developments in Germany, Spain and Sweden are progressing according to plan. What my team and I are currently busy with: We are currently considering the entry into the battery storage sector, initially as a supplementary retrofit to the fund’s existing wind and solar farms. This would be another innovative component for the portfolio - batteries can cushion fluctuations in the spot market and create additional earnings opportunities.
What gives you the greatest confidence as a fund manager?
First of all, with the Commerz Real Group, we have an extremely experienced company behind us - this creates trust. Add to this our extensive network of sales partners that we have built up over the years. In the meantime, klimaVest is not only available from our parent company Commerzbank, but also from many savings banks and cooperative banks. And then there’s another decisive thing: Although the renewable energy asset class is future-proof and innovative, it is still underrepresented in many custody accounts. There is enormous potential here. With klimaVest, investors can invest directly where the energy transition really takes place - and with professional asset management.
