REIF I
At a glance | |
Fund | GCG Renewable Energy Infrastructure Fund GmbH & Co. KG (REIF) |
Closing, Volumen | First closing: March 2012 Final closing: April 1, 2013 Target volume: EUR 100 million |
Minimum capital expenditure | EUR 20 million |
Asset class | Investments in renewable energy generation facilities |
Technology focus | Onshore wind and photovoltaic |
Geographical focus | Stable industrial countries in Europe |
Lifecycle | Operating and turnkey assets |
Term | 10 years |
GP Co- investment | 1% of equity |
Leverage | 50% on average |
| Installed power plant capacity | ca. 75 MW |
REIF I has been in operation since the first closing on March 1, 2012. The final closing took place on April 1, 2013.
To date REIF I has invested in two solar power plants in Italy and one in France as well as in one onshore windfarm in Sweden, France and Finland respectively.
The structure of the REIF I portfolio is therefore as follows:
There are six assets with a total installed capacity of 75 MW in the portfolio. These assets are located in four countries: France (36%), Sweden (34%), Italy (22%) and Finland (8%). The target technologies wind and solar account for around 60%to 40% of the total portfolio.
REIF I is therefore fully invested. REIF II is a follow-up fund of REIF I.
Pine - Onshore Wind Asset in Finland
Executive Summary
GCG Renewable Energy Infrastructure Fund (REIF) completed on September 30th 2015 the acquisition of the 21,6 MW wind park 300km northwest of Helsinki together with a Co-Investor. The Park consists of nine Nordex N117 turbines at 120m hub height and is in operations since October 2013. The wind resource is very good with approximately 3.200 full-load hours on a P50 basis.
The park is operating under the feed-in tariff scheme which guarantees a fixed remuneration per MWh for 10 remaining years.
The asset has been developed by one of the largest wind developer and operator in Finland with a strong Pipeline of approx. 450 MW in Finland.
Sophie - PV Asset in France
Executive Summary
GCG Renewable Energy Infrastructure Fund (REIF) completed the acquisition of two PV installations with a combined capacity of 23 MWp nearnear Bordeaux in France in March 2015.
The project was developed and constructed by Solairedirect, a Paris-based experienced developer with an excellent track record. The installations went into operation in Q1 2015.
One plant is equiped with Renesola PV modules (12 MWp) and the second plant with Solarworld PV modules (11 MWp). Inverters and electrical equipment have been sourced from ABB and Schneider.
Molly – Onshore Wind Asset in Middle Sweden
Executive Summary
GCG Renewable Energy Infrastructure Fund (REIF) completed the acquisition of the 16 MW ready- to-build wind park located near Orsa in Middle Sweden in December 2013. The asset consists of eight Vestas 2,0 MW turbines V100 with a hub-height of 95 m. It is situated on a hill with gentle slopes in a region of light forests. Wind resources are excellent, promising a stable production pattern.
The plants operate under a green certificate scheme, which allows a bonus on market power prices over 15 years. The certificates are tradeable within the participating countries Sweden and Norway. Electricity and certificates will be sold via long-term contracts.
The developer has been among the first players in Sweden and is one of the leading and well established developers on the Swedish market. The project has all necessary permits and is ready to build. Start of commercial operations is autumn 2014.
Manon - Onshore Wind Asset in France
Executive Summary
GCG Renewable Energy Infrastructure Fund (REIF) completed the acquisition of the 8 MW wind park in the French Pas-de-Calais region. The Park consists of four Vestas V90 at a hub height of 80 m and is in operations since July 2013. The terrain can be considered as easy and the wind resource is promising net yields of around 2.900 full-load hours on a P50 basis.
The park is operating under the feed-in tariff scheme which guarantees a fixed remuneration per MWh for 15 years - including an adjustment for inflation.
The asset has been developed by one of the largest global utilities.
Paula – PV Asset in Northern Italy
Executive Summary
GCG Renewable Energy Infrastructure Fund (REIF) completed the acquisition of five PV installations with a combined capacity of 4,5 MWp near Bologna in Northern Italy in March 2013.
The project was constructed by Solea, an internationally experienced PV developer with an extensive track record. The parks went into operation in Q4 2011. The project operates under the Italian feed-in tariff scheme, establishing the basis for 20 years of predictable and stable revenues.
The parks are equipped with Jinko JKM 235 W polycrystalline modules and SMA Sunny Central 500HE inverters.
The parks are located near the existing Cecilia PV asset, which offers the possibility to use economies of scale in the operation of the plants.
Cecilia – PV Asset in Northern Italy
Executive Summary
GCG Renewable Energy Infrastructure Fund (REIF) completed the acquisition of three PV installations with a combined capacity of 2,5 MWp near Piacenza in Northern Italy in December 2012.
The project was developed and equipped by REC, a leading manufacturer of PV installations. The parks went into operation in Q3 2011 and have since outperformed the forecasts. The project operates under the Italian Conto Energia IV, establishing the basis for 20 years of predictable and stable revenues.
The technology used sets industry benchmarks in terms of efficiency and proven performance (1st rank in the Photon magazine field test). The parks are equipped with REC 240PE and 245PE polycrystalline modules and PowerOne PVI-10.0/12.5-OUTD-xx-IT three-phase inverters.
