Germanys CHORUS Clean Energy AG has secured 25 million in equity capital from two unnamed German pension funds, which it will invest in European solar and wind parks.
CHORUS, which raised some 100 million following its initial public offering earlier this month, said it would use the funds from its new partnerships to build up a portfolio of photovoltaic and wind power plants in several European countries. CHORUS will provide all asset management and operation services for the parks.
The latest agreement strengthens the companys position as a service provider of asset management services for institutional investors and the company is aiming to attract further investment, according to CHORUS CEO Holger Götze.
Before our successful IPO, we announced to further expand our Asset Management business, Götze said. We are pleased that only one week after the listing of our company we are already able to announce first results. With our approach to cover the entire value chain of a renewable energy plant we will acquire further institutional investors.
CHORUS provides the entire range of asset management services for solar and wind parks, from asset sourcing, operation and reporting to divesture of the plants.
As part of its growth strategy, CHORUS is focusing on the expansion of its portfolio with the proceeds from the IPO and on the further growth of its asset management business. In addition to the acquisition of further institutional investors, the group is looking at establishing strategic partnerships and making selected acquisitions. To that end, the CHORUS management board is currently in discussions with several market participants, the company said.
Based in Neubiberg near Munich, CHORUS manages nearly 70 solar and wind power plants in five European countries with an output of more than 250 MW.