CEE Group, a Hamburg-based asset manager specialising in renewable energies, has acquired the Klüden solar photovoltaic (PV) project in Börde, Saxony-Anhalt, Germany from Sunovis, a German project developer with more than ten years of experience in solar projects.

The project was purchased for CEE Group’s investment funds, CEE Renewable Fund 7 (RF7) and CEE Renewable Fund 8 (RF8).

The solar photovoltaic (PV) park, with an installed capacity of 102 megawatts peak (MWp), will supply green energy to 47,500 households.

Construction of the project commenced in September 2024, with operations anticipated to begin in April 2025.

The project has a 20-year power purchase agreement (PPA), securing a fixed price for 80% of the energy generated.

CEE Group CEO Detlef Schreiber stated: “With the purchase of the Klüden solar PV park in Saxony-Anhalt, we were able to secure another attractive project for our renewable energy funds.

“Through the 20-year corporate PPA, we are selling 80% of the energy generated at a lucrative fixed price, allowing our investors to benefit from a long-term stable and predictable cash flow. We would like to thank our partners with whom we realise such high-yield assets.”

The investment in the Klüden solar PV park expands the scope of CEE Group’s RF7 and CEE RF8 funds, originally launched as special alternative investment funds (AIFs) in Luxembourg. The funds focus on wind and solar PV assets in core European markets.

CEE RF8, launched at the end of 2023, builds a diversified portfolio of renewable energy projects, including the hybridisation of CEE Group’s legacy portfolio.

The solar PV park in Klüden is the fourth asset of the RF8 closed-end AIF, which reached its first closure in the summer of 2024.

Taylor Wessing served as legal and KYC/ABC advisor, while Evergy Engineering acted as the technical advisor for the transaction.

The project financing is provided by DAL Deutsche Anlagen-Leasing and Nord/LB, both banks with which CEE Group has previously collaborated successfully.

CEE Group’s current portfolio includes 47 onshore wind farms with 667MW capacity and 57 photovoltaic projects with 1.5 gigawatts peak across Europe.