The CEE Group, a Hamburg-based asset manager specialising in renewable energies, is setting new standards for institutional renewables investments in Germany with a pioneering financing structure. A renowned international banking consortium is providing a financing structure of up to EUR 1.6 billion for the CEE RF9 – Germany's largest repowering fund. The special feature: For the first time, investment fund financing of this size is consolidated at portfolio level without the need for additional equity capital from existing investors.
Paradigm shift in renewables financing
"To our knowledge, this financing structure is unique in the German market for alternative investment funds," explains Detlef Schreiber, CEO of the CEE Group. "For the first time, we have achieved consolidation at the portfolio level of the entire fund – and without additional capital requirements for our institutional investors. This not only enables the reduction of various existing credit lines, but also secures the full financing of our ambitious repowering strategy until 2030."
The financing structure demonstrates the growing maturity of the German renewables investment market. "It speaks for the professionalization of the market that such an impressive international consortium is financing our repowering strategy with this volume," says Franjo Salic, CIO of the CEE Group. "The megatrend of repowering is absolutely bankable and offers a win-win situation for both equity and debt investors."
The CEE Group has deliberately decided against classic underwriting and instead opted for a strategic club deal with selected partners. "The fact that we were able to implement this financing based on the operating portfolio of the RF9 Fund underlines the bankability of the repowering concept in Germany and the existing liquidity in the market. This strategic decision for precisely this consortium is a key differentiator," explains Salic.
"Diversification is risk mitigation from the textbook," Schreiber continues, "this has been consistently implemented in RF9 – not only through a diversified portfolio across countries and technologies, but through fully integrated portfolio management. The RF9 takes the proven concept of diversification to the next level: Whereas traditionally each project was managed via a separate SPV (Special Purpose Vehicle) with its own financing, electricity marketing and liquidity management, our integrated approach enables consolidated control at the fund level – in debt financing, electricity marketing and liquidity management. This creates economies of scale, improved conditions and, above all, a flexible investment strategy that can perform in challenging market phases."
Substantial contribution to the energy transition
The repowering of at least 29 existing turbines with state-of-the-art wind turbines and PV modules will increase the installed capacity of the total portfolio from the current 457 MW(p) to around 1.1 GW(p) – an increase of more than 140 percent. "Repowering is the key to accelerating the energy transition," Schreiber emphasizes. "We are doubling or tripling green electricity production at the same location – while using existing infrastructure such as grid connections. This significantly shortens development times and avoids lengthy approval procedures."
The 45 asset locations (17 wind and 28 solar project companies) are spread across Germany, with individual plants in France. The plants, which are on average 13 years old, enjoy an average of seven years of state feed-in tariffs.
Electricity marketing strategy at portfolio level
Following the financing success, the CEE Group is focusing on the implementation of the electricity marketing strategy for the portfolio. "Concrete discussions are underway with long-term large consumers for the electricity produced, especially from the data center sector, whose interest has been aroused by the attractive baseload profile and the forecast quality of the portfolio," explains Salic. The PPA is to become an important part of the marketing strategy.
About the CEE RF9 Fund
The RF9 was initiated at the turn of the year 2024/2025 as the latest generation of the successful "CEE Renewables Fund/RF" product series. As an innovative continuation vehicle, it transferred existing portfolios consisting of 45 European PV and onshore wind power plants from the CEE RF 1, 2 and 3 funds (launched between 2007 and 2013) to the new platform with the aim of extensive repowering by 2030.
About the partners
The transaction was legally advised by the law firm Hogan Lovells on behalf of the CEE Group and by White & Case on behalf of the banks. The financing was structured by Eight Advisory.
