ImpactAlpha, January 10 — Germany is one of several European nations that backslid on fossil fuels in order to generate power as Russia’s war on Ukraine hits energy supplies. But the country remains committed to phasing out coal as a power source by 2030, and more Germans are turning to low-carbon technologies, such as heat pumps.
Klimavest, the alternatives impact fund of Germany’s Commerz Real, has raised €1 billion ($1.1 million) to invest in clean energy, sustainable infrastructure, green mobility and forestry projects. The fund’s portfolio includes 33 operational wind farms and solar parks, and 10 solar park project developments, in Germany, France, Spain, Finland and Sweden.
“We expect to see a further acceleration of the energy turnaround coupled with new and attractive investment opportunities for investors,” says Klimavest’s Timo Werner. The open-ended fund is targeting returns between 3.5 to 4.5% this year.
Separately, Swedish climate tech company Qvantum raised €42 million ($45.1 million) in a Series B round to bring zero-carbon electric heat pumps to densely populated areas in Europe.