German renewables investor and asset manager Aream Group announced on Monday it has formed a joint venture (JV) with France’s Eiffel Investment Group, aiming to develop a pipeline of solar photovoltaic and battery storage projects in Germany over the coming years.
The JV, called Aream Solar Ventures, will focus on developing over 500 MWp of solar projects, including traditional ground-mounted and agri-PV plants, in the German states of Mecklenburg-Western Pomerania, Saxony-Anhalt, and Brandenburg.
According to the announcement, Eiffel has acquired 49% of the portfolio from Aream and will finance most of the JV’s development costs through its Eiffel Transition Infrastructure fund. Aream will be responsible for project development.
Financial details were not disclosed.
Aream Solar Ventures is Eiffel Transition Infrastructure fund’s sixth investment in Europe and represents its entry into the German market.
“For aream, the joint venture is a building block in our German project development portfolio, which continues to grow both in photovoltaics and batteries,” commented Markus W. Voigt, CEO of Aream Group.
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