Real estate asset manager Commerz Real has announced the acquisition of the Moanvane wind farm in County Offaly, Ireland.
The move is a notable expansion for the company’s klimaVest fund, which focuses on renewable energy assets across Europe. The wind farm has been operational since the end of September 2024 and features twelve Nordex turbines with a total installed capacity of 57.6MW.
The acquisition of the Moanvane wind farm, approximately a 90-minute drive west of Dublin, sees klimaVest take its first steps into the Irish renewable energy market.
Michael Henn, global head of green deal infrastructure at Commerz Real, said: “Ireland is a very attractive location thanks to its unique and favourable wind conditions which come close to offshore environments. Wind energy is accounting for a third of the country’s power supply and has developed to an increasingly relevant contributor to Ireland’s energy mix.”
In addition to the wind turbines, Moanvane is set to become a community asset, with a 6 km amenity trail currently under construction. This trail will provide a safe walking route for the public while also incorporating biodiversity measures to support the local ecosystem and is due for completion in early 2025.
Long-term benefits
The acquisition demonstrates the growing importance of long-term renewable energy investments. To that end, a 15-year corporate power purchase agreement (PPA) guarantees financial stability and predictability for KlimaVest. With 1.4 billion euros in assets under management, Commerz Real’s renewable energy portfolio continues to expand.
The fund’s ability to secure such agreements is one of the key reasons it has garnered significant attention in the renewable investment sector. Since its launch in 2020, klimaVest has established itself as a fund that’s able to deliver reliable returns irrespective of market volatility.
This acquisition also highlights the increasing involvement of major energy players like Statkraft, which developed and sold the Moanvane wind farm. Statkraft, Europe’s largest generator of renewable energy, will remain involved in the project, providing ongoing operational management services.
Wind power is enjoying a purple patch across the globe, with 2023’s 117GW installation figure up 50% year-on-year from 2022. While 2024 is unlikely to match those increases, wind remains a key part of the renewable energy mix worldwide.
