Eiffel forms German PV, battery JV

The Aream Group and the Eiffel Investment Group, represented by the Eiffel Transition Infrastructure Fund, have founded a new JV named Aream Solar Ventures.

The JV will develop numerous projects in the fields of photovoltaics and batteries in the coming years.

This includes photovoltaic projects of more than 500MWp in Germany in the coming years.

These projects will be both classic ground-mounted development and agri-PV systems in Mecklenburg-Western Pomerania, Saxony-Anhalt and Brandenburg.

The individual development phases are expected to last between 18 and 36 months.

Eiffel will assume the majority of the development costs and has acquired 49% of the Aream portfolio for this purpose.

Markus W Voigt, chief executive of Aream Group, said: “We are looking forward to working with Eiffel, who are an experienced financing partner in project development in the field of renewable energies.”

The operational management of the JV will be taken over by the Aream Group.

The financing partner is Eiffel Transition Infrastructure, an investment fund managed by Eiffel with capital of €200m.

Aream Solar Ventures is the fund’s sixth investment in Europe.

Laurent Coubret, investment director at Eiffel, said: “We are very pleased to enter the booming German market with the Eiffel Transition Infrastructure Fund and to have found a partner in aream who has proven that it has mastered the entire value chain of photovoltaics.

“Together, we are joining forces to make the joint venture a great success.””

Voigt added: “For Aream, the joint venture is a building block in our German project development portfolio, which continues to grow in both photovoltaics and batteries.”