Commerz Real has expanded its European portfolio of renewable energy infrastructure with a deal in Spain for its impact fund Klimavest.
The transaction includes the already operational solar power plant Cartuja with an output of 50 megawatts peak (MWp) and a wind power project under development with a planned output of 30 megawatts (MW).
The two assets are to be hybridised, with the solar park feeding electricity through a common grid connection during the day and the wind turbines especially at night and in the less sunnier seasons of the year.
The seller is a joint venture of the Spanish Renewables fund manager Everwood Capital (90% stake) and the project developer Abei Energy (10% stake). The two assets are located in the southern Spanish municipality of Jerez de la Frontera in the Cadiz region on the Atlantic Ocean.
'We have known and appreciated the Spanish renewables market for years and are now entering the wind power segment for the first time,' said Yves-Maurice Radwan, head of green deal infrastructure at Commerz Real.
'The Cadiz region is one of the best locations for renewable energy production in Europe due to the sun radiation and wind, and thus offers the best conditions for a hybrid project of this kind,' Radwan added.
The grid connection of the solar park was already made in 2021, and the neighbouring onshore wind farm is scheduled to be connected to the grid in 2027.
The combination of solar and wind power in a hybrid project allows the more efficient use of increasingly limited grid capacities and enables more stable power generation in the long term thanks to the complementary production profiles.
Technically, the two parks will jointly meet the calculated electricity requirements of around 35,000 average Spanish households in the future. The project developer Abei Energy continues to be responsible for the technical maintenance of the solar park as well as the development of the wind project.