Wind + Solar + GridsOverview of the klimaVest portfolio

Diversified on three levels: Technologically, geographically, in the sources of income.

klimaVest in action

ISIN LU2183939003

WKN KLV100

20
years of experience
with renewable energy
43
Attachments¹
in 6 European countries
1,518 GW
Total power output
Enough power for 235,526 households²
47.07%
Wind onshore³
Wind power: Power generation possible day and night
24.42%
Solar³
Photovoltaics: During the day, electricity consumption and production increase
28.50 %
Power grid³
Participation in transmission system operators

More facts and figures about klimaVest

Portfolio

Discover klimaVest

See where wind, solar and transmission networks connect klimaVest Europe’s plants.

Windmills stand in a green forest landscape under a clear sky.

Aerial view of a large-scale solar farm with photovoltaic panels in a dry landscape

Windmills on a field at sunset, with a vast sky and soft clouds.

Power tower protruding into the blue sky, surrounded by clouds and sunlight.

A tractor drives through a field next to solar panels and colourful flowers under a blue sky.

Cattle pasture with a wind turbine at the Moanvane Wind Farm.

A large solar power plant on a field under a cloudy sky.

Windmills on a field at sunset, with a cloudy sky in the background.

Wind farmKuuronkallio

TypeWind farm

Country/CountriesFinland

Rated Output58,8 MW

On the Grid since1/27/2020

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A map of Europe can be seen, the countries marked in green represent the countries in which klimaVest is invested.

European setup. Widely spread.

klimaVest has investments in 6 EU countries at 44 locations.³ The distribution covers Germany, France, Finland, Spain, Sweden and the Netherlands. In the coming years, the portfolio is expected to grow by further economically stable locations in Europe, with each new market being assessed according to strict criteria.

The wider the geographical spread, the better individual risks can be offset. If an asset fails at a location, it has less impact on the overall portfolio. At the same time, opportunities in different European markets can be exploited, as the framework conditions for renewable energy vary from country to country.

The continuous expansion contributes to the growth of renewable energies across Europe and supports the transition to a more climate-friendly energy economy.

Portfolio structure

Based on the assets of the directly and indirectly held participation including shareholder loans and debt capital as at 31 August 2025.

country allocation

of investments in tangible assets after completion of all project developments

Germany
Finland
France
Spain
Ireland
Sweden

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sector allocation

of investments in tangible assets after completion of all project developments

Wind Onshore
Power grids
Solar

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Yield today. Potential for the future.

klimaVest combines existing systems with project developments. Currently, 91.76% is attributable to ongoing plants and 8.30% to plants under construction. This division combines two different approaches, each with its own strengths.

Existing plants deliver immediate returns because they already produce electricity and have proven performance data. Their technology is tried and tested, and the maintenance cycles are known. Project developments use state-of-the-art technology and thus work more efficiently. New plants can be designed for low operating costs right from the start, which improves the prospects for returns.

In the first years after commissioning, new systems incur less maintenance costs. They are also benefiting more from technological advances, such as more efficient turbines or more powerful solar modules. The combination of stable returns from existing investments and the return opportunities of new projects forms the foundation of the klimaVest strategy.

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Distribution of inventory and project developments¹

Projekt Developments
Existing Systems

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Regardless of the market. Miscellaneous income.

Type of feed-in tariff⁴

Market
Government funding
PPA
Regulated grid compensation

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klimaVest uses different ways to sell the generated electricity. This diversification ensures more stable income, as remuneration models react differently to market changes.

Power Purchase Agreements (PPAs)⁵ are fixed power purchase agreements, usually over 10 years or longer. The price is fixed in advance, which creates planning security. Customers include Google and Shell - many large companies have committed to using only electricity from renewable energies. These long-term contracts offer higher initial returns and reduce price risks.

The Renewable Energies Act (EEG) regulates remuneration for electricity fed into the grid. This model offers more flexibility in marketing. The more renewable electricity flows into the grid, the more conventional electricity is displaced, which continuously increases the market share of renewable energy.

The combination of different remuneration models reduces dependencies. If a marketing path develops weaker, other models compensate for this and stabilise the total returns over the life cycle of the assets.

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Wide installation. Strong partners.

klimaVest also spreads among manufacturers and operators. The wind turbines and solar panels come from different companies. The fund also works with several service providers for operation and maintenance. This diversification reduces dependencies on individual actors.

If a supplier fails or a delivery is delayed, this has a lesser impact on the overall portfolio. Every manufacturer and operator brings their own strengths: in specific technologies, regions or specific types of plants. klimaVest benefits from this technical expertise in the selection and ongoing management of the systems.

Individual investors or smaller providers cannot achieve this size and diversification. As a product of the Commerz Real Group⁶, klimaVest benefits from over 54 years of experience with tangible assets and an established network in the renewable energy industry.

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System manufacturers

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Three systems in detail.

From wind farms to photovoltaics and power grids.

Why wind, solar and grids?

klimaVest focuses on tried and tested technologies for renewable energy production. Onshore wind and photovoltaics form the foundation of the portfolio, supplemented by investments in electricity grids. These three areas are based on mature systems with proven long-term stability.

Wind power and photovoltaics produce the electricity. Electricity grids transport it from plants to consumers and stabilise the European energy system. All three areas are essential for the energy transition and offer concrete benefits for investors.

Long-term off-take agreements allow for predictable revenue over years. The technologies function independently of equity markets and therefore offer a low correlation with conventional asset classes. Its reliability has been proven over decades, and political support for the energy transition continues to drive market growth.

Battery storage systems are intended to supplement the portfolio in the long term. They are becoming more important as the share of renewable energy increases, as they compensate for fluctuations in power generation and increase grid stability. As soon as market maturity and return prospects meet the klimaVest investment criteria, it will invest in this technology.

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Frequently Asked Questions - FAQ

The klimaVest portfolio consists of real tangible assets: 43 wind and photovoltaic plants in 6 European countries as well as participation in electricity grids. They are physical assets that generate and transport electricity, not equities or securities. The wind farms and photovoltaic parks generate the electricity, the grid share brings it to the consumers.

The portfolio combines existing plants that already produce electricity with project developments that are still under construction. In the long term, it is to be expanded to include battery storage.

When selecting its assets, klimaVest relies on three dimensions that check the suitability of the respective asset in the sense of the RSF framework. On the one hand, this involves the profitability (Return) of the asset. In the next step, its Sustainability is assessed. Then there are formal criteria (formal) that the asset must meet in order to be included in the klimaVest portfolio.

The RSF procedure identifies assets that both contribute to an attractive risk-adjusted return and demonstrably contribute to achieving the defined sustainability goals without violating formal criteria.

The expansion of electricity grids is one of the biggest bottlenecks of the energy transition. The existing grid was built for a few central power plants, not thousands of decentralised wind and solar plants. Its conversion requires massive investments over decades, and it is precisely this permanent capital requirement that makes networks an attractive investment market in the long term.

Added to this is their yield profile. While wind and solar farms generate their revenues depending on the weather and the electricity price, grid operators work within a regulated framework that ensures them a calculable return on the capital employed. Your returns are therefore largely independent of electricity prices and particularly predictable, which makes the portfolio more stable overall.

The concrete next step is battery storage. Wind and solar farms must sell their electricity as soon as they produce it - often when many plants supply at the same time and prices are low. A memory releases this coupling: Electricity can then be marketed when it is needed and brings higher revenues. Battery storage systems are therefore among klimaVest’s primary target industries, and the fund management is considering the introduction of this technology.

There is also repowering. The most profitable wind sites have long been outsourced, and getting new land free takes years of approval procedures. Repowering overcomes this bottleneck: Old systems at already established locations will be replaced by modern ones, which will provide many times the previous performance.

In addition, the portfolio continues to grow through the acquisition of new wind and solar farms, for which the fund management team is constantly reviewing locations and markets in Europe.

¹The transfer of benefits and costs for two Swedish photovoltaic project developments by Helios Nordic Energy has not yet taken place.

²Calculated based on average household electricity consumption in the respective countries of investment. Data source: Enerdata (2022). Targets may be exceeded or fallen short of. Source: https://www.odyssee-mure.eu/publications/efficiency-by-sector/households/electricity-consumption-dwelling.html, as of November 2025.

³Diversification by installed capacity and equity value. The calculation is based on the portfolio following the completion of all project developments. As of April 30, 2025

⁴ Diversification by equity, shareholder loans, and debt

⁵ A Power Purchase Agreement (PPA) is a contract - often long-term - for the supply of electricity between two parties, typically between an electricity producer and an electricity consumer.

⁶The fund management company is Commerz Real Fund Management S.à r.l.

Wind + Solar + GridsOverview of the klimaVest portfolio

klimaVest in action

Discover klimaVest

European setup. Widely spread.