43 plants • 6 countries • 1.8 billion Euro volumeNew energy for your portfolio. And Europe’s energy systems.

With klimaVest, you invest in the largest ELTIF in Europe.¹ Renewable energy investments - broadly diversified and independent of stock market fluctuations.

A windmill protrudes from foggy, green hills surrounded by winding roads.

Discover investment opportunities

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Renewable energy. Real tangible assets. Stable yields.

You are investing in 43 wind and solar farms as well as transmission networks in 6 European countries - with storage solutions added in the future. Real infrastructure that physically supports Europe’s energy transition.

The generated electricity is marketed through several channels, from long-term purchase agreements with companies to state-regulated feed-in tariffs and direct electricity trading. This mix makes cash flows predictable and largely decouples your investment from the stock market.

Since its launch in 2020, klimaVest has achieved positive performance in each individual financial year.² Behind klimaVest is Commerz Real³, a wholly owned subsidiary of Commerzbank with over 20 years of experience in energy infrastructure.

klimaVest in figures

ISIN LU2183939003

WKN KLV100

1.8 billion €
Fund volume
Invests in wind, solar and grids
43
Equipment
Wind and solar and participation in transmission system operators
6
Countries
39 locations geographically spread across Europe
30,000
Investors
trust klimaVest
5
years
Track record: stable growth since the first hour²
3.1% p.a.
Performance²
as of 2026/06/30

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At a glance

Minimum investment: currently 10,000 euros; from 1 September 2026, the minimum investment amount will no longer apply
Recommended investment horizon: 5 years and older
Acquisition from Commerzbank as well as selected savings banks, Volksbanken and many other partners in Germany
Your subscription: Fully digital or in person possible
Scope confirmed: Europe’s largest ELTIF¹ and rates klimaVest with (P)a+ (AIF)⁴
Hazard class: 2 of 7⁵

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Your renewable energy investment in 3 steps

1. Your custody account
We would be happy to advise you personally or digitally on klimaVest. Use your existing custody account for your klimaVest shares or conveniently open a new one.
2. Your investment amount
Determine the amount you want to invest in klimaVest. Minimum Amount: currently 10,000 euros; from 1 September 2026, the minimum investment amount will no longer apply
Your klimaVest
As soon as you have completed the investment process, you will also be part of klimaVest - from now on, klimaVest fund management is responsible for managing your investment.

How to invest in klimaVest

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Over 30,000 investors trust klimaVest

Behind klimaVest’s 1.8 billion euro fund volume is the money of more than 30,000 investors. The fund is managed by Commerz Real - an established asset manager with 55 billion euros in total assets under management and over 54 years of experience in tangible asset investments.

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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

Renewable energy is a strong growth market for the next decades - with long-term opportunities for your investment.

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Frequently Asked Questions - FAQ

klimaVest is suitable for investors who

want to invest in the medium to long term, with a horizon of more than five years,
want to expand their portfolio with tangible assets from the renewable energy sector,
invest in returns that are largely independent of the stock market,
prefer broad diversification across many assets, countries and technologies to individual participation.

klimaVest is less suitable for investors who

have short-term access to their invested capital,
expect a high return in a short time,
have little experience with tangible assets or investments outside the stock exchange.

Regardless of the investment profile, fixed conditions currently apply for an investment in klimaVest: The minimum investment amount is EUR 10,000 and may not exceed 10% of the investable private assets. This results in an investable asset of at least EUR 100,000 for an entry. The 10% limit does not apply to assets exceeding EUR 500,000. The prerequisite is also investment advice with a suitability check, in which it is clarified whether klimaVest is suitable for your personal situation.

As of September 1, 2026, these requirements will change:

The minimum investment amount will be eliminated.
A twelve-month notice period will apply to all new investors. Existing investors who joined by August 31, 2026, will be grandfathered in.
Investment advice will no longer be provided; this will be a non-advisory transaction involving a suitability assessment and declaration. Investment advice will then be optional.

When purchasing klimaVest shares, a one-off initial charge ⁶ is charged. It is added to the unit value and essentially remunerates the distribution of the units. Over the digital subscription path, it currently stands at 4 percent; for an investment with personal advice, it can be between 0 and 5 percent, depending on the respective sales partner.

In addition to this one-off premium, ongoing costs are incurred during the holding period, which are summarised in the total expense ratio. They are not part of the purchase process, but are continuously taken into account in the fund.

klimaVest is intended as a strategic addition. Most private custody accounts consist largely of equities and bonds, both of which depend on what is happening on the exchange. klimaVest, on the other hand, generates its income from the operation of real energy infrastructure, i.e. from electricity actually produced and sold as well as from regulated grid charges. These cash flows develop largely independently of typical stock market fluctuations.

In addition, there is access to an asset class that is otherwise barely available to private investors. Investments in wind and solar farms or electricity grids of this size were reserved for institutional investors for a long time. Via klimaVest, energy infrastructure - widely spread across countries, locations and technologies - is also available in private custody accounts. This allows the tangible asset portion of a portfolio to be expanded beyond real estate and gold.

klimaVest combines six advantages that are available in this combination in only a few investment products for private investors:

klimaVest invests in a structural growth market: Electricity demand in Europe is rising significantly, driven by data centres and electromobility, among other things. It is to be increasingly covered by renewable energies, whose share of German electricity consumption is to grow to at least 80 percent by 2030.⁷ klimaVest is thus investing in an asset class with long-term increasing demand, which is hardly represented in many custody accounts so far.
It is an investment in tangible assets with current income: Behind each share are real wind and solar farms as well as electricity grids that generate revenue on an ongoing basis from the sale of the generated electricity as well as from regulated grid fees. Unlike a precious metal, this tangible asset worksand generates added value.
The returns are largely decoupled from the stock market: What a solar park consumes depends on the amount of electricity sold and its price. Since electricity is often marketed through long-term purchase agreements, cash flows can be planned over years. This makes klimaVest a complement to a custody account that is otherwise characterised by equities and bonds.
klimaVest provides access to an asset class that has long been closed to private investors: Investments in energy infrastructure have been reserved for institutional investors for decades. As a European Long-Term Investment Fund (ELTIF), klimaVest opens this door and at the same time spreads the capital across countries, locations and technologies, which is not possible with an individual holding in a wind farm.
Experienced asset management is behind the fund: klimaVest belongs to Commerz Real³, a wholly owned subsidiary of Commerzbank with more than 20 years of experience in the field of renewable energies. Since its launch in 2020, the fund has achieved positive performance in each financial year.²
With klimaVest, you are supporting the expansion of the energy transition: Their capital flows into the construction and operation of wind and solar farms as well as electricity grids. Unlike buying a share, this is based on real infrastructure that physically supports Europe’s energy supply.

In the long term, the fund management for klimaVest aims for a target return in the range of 3.0 to 4.0% per year.⁸ This expectation relates to the medium to long-term investment horizon for which the fund is designed. Part of the income is distributed annually to investors, while part remains in the fund and increases the unit value.

The actual level of return depends on the respective financial year:

In the financial year 2024/25, klimaVest achieved a return of 3.5%.²

For the current financial year, the fund management aims for a return in the range of 3.0 to 4.0%.⁸

The past years have been characterised by a challenging market environment. The fact that the fund generated reliable returns² in this phase is due to the fund management’s balanced portfolio structure, regulated remuneration models and long-term contract structures.

The long-term perspective is therefore crucial. Since the launch in 2020, klimaVest has achieved positive performance in each individual financial year.² Over the entire period since the launch, this results in a performance of 20.6%.{{fn:alle_prod_rendite_methode}} A target return remains an expectation, not a guaranteed value. It may shift due to market changes and past performance is not indicative of future returns.

klimaVest is classified in the risk class 2⁵ on the legally prescribed risk scale from 1 to 7, whereby 2 corresponds to a low risk class. This classification is based on an assumed holding period of five years.

The reason for the low rating is the structure of the fund: klimaVest invests in tangible assets whose income is largely independent of the stock market.

However, the investment is not risk-free. As wind farms and photovoltaic systems depend on certain weather conditions, certain losses can occur if they are not used for a longer period of time. Furthermore, the value of the assets may fluctuate and there may be no distributions due to lack of liquidity.

You can find a complete overview of the opportunities and risks here.

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¹Largest ELTIF / Market Leader in Germany: Scope ELTIF Study 2026, “Successful Mass Launch – Overview of the ELTIF Market 2025/2026,” as of December 31, 2025, published March 26, 2026, pages 2 and 9.

²Calculated using the BVI method (excluding initial charge, distribution reinvested immediately). Past performance is not indicative of future returns.

³The management company of klimaVest is Commerz Real Fund Management S.à r.l.

⁴Scope Fund Analysis GmbH has assigned klimaVest a preliminary rating of (P) a+ (AIF) in the infrastructure funds category. This preliminary fund rating corresponds to a good rating. Source: https://www.scopeexplorer.com/news/scope-bestatigt-vorlaufiges-rating-des-klimavest-der-commerz-real-mit-p-aaif/111180, as of December 20, 2024. A rating, ranking, or award is not an indicator of future performance and is subject to change over time.

⁵The overall risk indicator helps you assess the risk associated with this product compared to other products. It shows how likely it is that you will lose money on this product because the markets move in a certain way or because we are unable to pay you out. We have classified this product as Risk Class 2 on a scale of 1 to 7, where 2 corresponds to a low risk class. The risk of potential losses from future performance is classified as low. Under unfavorable market conditions, the fund’s ability to pay you out is likely to be impaired. Investments in assets and companies in the infrastructure sector may involve specific risks (e.g., illiquid markets, construction and completion risks, or operational risks). This product offers no protection against future market performance, so you could lose all or part of the capital you have invested. If the fund is unable to pay you what you are owed, you could lose all of the capital you have invested.

⁶The issue surcharge for purchasing klimaVest through the digital subscription channel is currently 4%. The standard issue surcharge ranges from 0% to 5% and varies by distribution partner.

⁷“BMWE Monitoring Report: ‘Energy Transition. Making It Efficient.’” (EWI/BET, September 15, 2025). This is the current official meta-study on expected electricity demand through 2030 and replaces the 2021 Prognos study as the benchmark. It indicates a range of 600–700 TWh for 2030. https://www.bundeswirtschaftsministerium.de/Redaktion/DE/Publikationen/Energie/energiewende-effizient-machen.html
IEA, “Key Questions on Energy and AI,” April 2026. Follow-up report with updated projections: Data center electricity demand grew by 17% in 2025, and by 50% for AI data centers. Global doubling of data center electricity demand from 485 TWh (2025) to 950 TWh (2030) is forecast.
https://www.iea.org/reports/key-questions-on-energy-and-ai
Federal Ministry for Economic Affairs and Energy (BMWE): “Renewable Energies.” Retrieved from https://www.bundeswirtschaftsministerium.de/Redaktion/DE/Dossier/erneuerbare-energien.html

⁸Calculated using the BVI method (excluding initial charge, distribution reinvested immediately). Past performance is not indicative of future returns. Target return statements are not indicative of future returns.

43 plants • 6 countries • 1.8 billion Euro volumeNew energy for your portfolio. And Europe’s energy systems.

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Renewable energy. Real tangible assets. Stable yields.

klimaVest in figures

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At a glance

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Your renewable energy investment in 3 steps

How to invest in klimaVest

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Over 30,000 investors trust klimaVest

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Frequently Asked Questions - FAQ

Who is klimaVest suitable for?

What does it cost to get started with klimaVest?

What role does klimaVest play in the custody account?

Why should you invest in klimaVest?

What are the potential returns of klimaVest?

How high is the risk at klimaVest?

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43 plants • 6 countries • 1.8 billion Euro volumeNew energy for your portfolio. And Europe’s energy systems.

klimaVest in figures

At a glance

How to invest in klimaVest

Over 30,000 investors trust klimaVest

Frequently Asked Questions - FAQ

Who is klimaVest suitable for?

What does it cost to get started with klimaVest?

What role does klimaVest play in the custody account?

Why should you invest in klimaVest?

What are the potential returns of klimaVest?

How high is the risk at klimaVest?

Contact person(s)