German renewables investor and asset manager Aream Group has formed a JV with France's Eiffel Investment Group to develop clean energy projects in Germany.
The JV, named Aream Solar Ventures, will concentrate on establishing 500MW of solar projects.
It will focus on a mix of traditional ground-mounted and agri-photovoltaic plants in the states of Mecklenburg-Western Pomerania, Saxony-Anhalt and Brandenburg.
Individual development phases of the projects are expected to take between 18 and 36 months.
The Eiffel Investment Group has acquired a 49% stake in the portfolio from Aream and will provide the majority of the development costs through its Eiffel Transition Infrastructure fund, while Aream will oversee project development.
The financial details of the agreement have not been made public.
Aream Group CEO Markus Voigt stated: “For Aream, the joint venture is a building block in our German project development portfolio, which is constantly growing for photovoltaics and batteries.”
The venture marks the sixth European investment for the Eiffel transition infrastructure fund and its entry into the German market.
The move is part of a broader strategy by Eiffel to invest in renewable energy across Europe.
Eiffel investment director Laurent Coubret stated: “We are delighted to be moving into the booming German market with the Eiffel transition infrastructure fund and having found a partner with Aream that has proven that it dominates the entire photovoltaic value chain. Together, we are joining forces to make the joint venture a great success."
In April 2024, Eiffel expanded its renewable energy portfolio by entering into an agreement with Landinfra Energy in Sweden.
The deal involves the development of a renewables pipeline that could reach 1.8GW, including solar, wind and energy storage projects.
Eiffel agreed to acquire a 50% stake, with Landinfra retaining the other half. In July 2023, Eiffel and Polish renewable energy developer R Power agreed to jointly develop more than 1GW of solar projects in Romania.
