HEP Kapitalverwaltung AG offers access to forward-looking investment funds in the growing solar energy market—driven by environmental concerns and focused on economic returns.
HEP Kapitalverwaltung AG
Your Solar Fund Specialist
Investors
Million € Assets under Management (AUM)
(As of March 2025)
About HEP Kapitalverwaltung AG
HEP Kapitalverwaltung AG was established from mtc green projects GmbH, which was founded in 2012. The company was renamed and registered with BaFin in 2014, and converted into a stock corporation in 2017. Since 2018, HEP Kapitalverwaltung AG has held a BaFin license to operate as an external capital management company (KVG).
The investment funds under management are closed-end public and special AIFs with a focus on photovoltaics, i.e., so-called solar funds. Through our solar funds, investors can indirectly invest in solar power plants at locations worldwide, which may be at any stage of the project. Details of the investment strategy can be found in the respective sales documents for the solar funds.
The core responsibilities of HEP Kapitalverwaltung AG include portfolio, asset, and risk management.
The portfolio management of our investment funds involves the strategic management of investments in solar projects throughout the entire term of the funds. It begins with the design of alternative investment funds (AIFs) as financial products with varying terms and risk-return profiles. The fund design forms the basis for our investment products.
Key responsibilities of portfolio management include defining the investment strategy and selecting suitable investment projects. Our KVG has structured access to solar projects from the hep-solar group of companies, but makes investment decisions independently based on quality and economic viability criteria. To this end, it also reviews external projects and third-party assets to build an ecologically motivated and economically oriented portfolio in the best interests of investors. In addition, market analyses and the overall performance monitoring of the entire portfolio are just as much a part of portfolio management’s responsibilities as strategic decisions regarding site selection, the allocation of equity and debt capital, or regulatory frameworks.
As the fund is established and the investment strategy is progressively implemented, responsibility is gradually transferred to the asset management team, which takes over the day-to-day management of the investment portfolio. The portfolio management team remains involved and continues to guide the strategic direction and overall management of the investments.
Asset management is responsible for the day-to-day operation and management of individual assets, namely the solar parks. The focus is on providing technical and economic support for the plants with the goal of optimizing their operational performance.
Responsibilities include the ongoing monitoring of plant efficiency, compliance with regulatory requirements, as well as the early detection of deviations and the implementation of appropriate measures. In addition, asset management oversees technical and commercial service providers and continuously monitors market-related and regulatory developments. Examples of this include the use of government subsidy mechanisms or participation in the evaluation and conclusion of power purchase agreements.
The insights gained from asset management are in turn incorporated into portfolio management and can provide important impetus for risk management.
Risk management is a key business area of our KVG, dedicated to the early identification, quantification, monitoring, and control of risks. Its goal is to minimize potential negative impacts on the KVG’s assets and processes. The spectrum of potential risks ranges from market fluctuations and regulatory changes to technical challenges and weather-related impacts on the operation of our solar parks. We address these risks through a broad diversification strategy, regular market analyses, continuous monitoring, and proactive maintenance strategies, among other measures.
This approach is complemented by the responsible coordination and assurance of valid valuation processes. The transparent and consistent valuation of the assets we manage takes place within a clearly structured, regulatory-compliant process. As part of this process, we ensure that relevant knowledge and business-critical data can be efficiently made available, securely managed, and effectively utilized within the organization.
The results of risk management form an important basis for decision-making in fund and project design within the framework of portfolio management, as well as in the operational management and optimization of existing investments within asset management.
Our reference funds
Here you will find an overview of selected benchmark funds that invest in solar power plants. These investments help to gradually replace fossil fuels with solar technology, thereby making an important contribution to the global expansion of renewable energy.
These reference funds are no longer available for purchase.
HEP – Solar Spremberg GmbH & Co. KG
The fund is no longer available for purchase.
The asset held by the fund—the 18-hectare, 5.3 MWp Spremberg solar park—was connected to the grid in August 2010. It is located on a former military barracks site in the eastern part of the Brandenburg town of Spremberg, near Cottbus. The nearly 24,000 solar modules generated 6,100 MWh of electricity in 2022.
| Laufzeit | Angebundene Solarparks | Emissionskapital (inkl. Ausgabeaufschlag) |
|---|---|---|
| 2010 - 2030 | Spremberg | € 3.951.575 |
HEP – Solar Nordendorf GmbH & Co. KG
The fund is no longer available for sale.
The Nordendorf solar park held by the fund is located north of Augsburg, in the sun-drenched south of Germany. In 2009, hep solar installed a capacity of 7.55 MWp on a 19-hectare site. This corresponds to an area the size of 25 soccer fields. In 2022, the park generated 8,989 MWh of electricity.
| Laufzeit | Angebundene Solarparks | Emissionskapital (inkl. Ausgabeaufschlag) |
|---|---|---|
| 2010 - 2029 | Nordendorf | € 7.952.325 |
HEP – Solar England 1 GmbH & Co. KG
The fund is no longer available for sale.
The Trefullock solar park is located in Cornwall, in the southern and sunny part of Great Britain. The solar park, with a total capacity of just under 5 MWp on an area of 18 hectares, was connected to the grid in July 2011. Trefullock represents a single investment by the fund “HEP – Solar England 1 GmbH & Co. KG.”
| Laufzeit | Angebundene Solarparks | Emissionskapital (inkl. Ausgabeaufschlag) |
|---|---|---|
| 2011 - 2021 | Trefullock | £ 7.730.120 |
HEP – Solar Japan 1 GmbH & Co. geschlossene Investment KG
The fund is no longer available for sale.
Launched in 2015, the closed-end public AIF “HEP – Solar Japan 1 GmbH & Co. geschlossene Investment KG” provided retail investors with access to the fast-growing Japanese solar market. The AIF is subject to the capital market regulations of the KAGB. The public AIF currently holds a total of eight solar parks with a combined capacity of 11.7 MWp. At the time the performance report was prepared, 57.5% (55% had been planned)* of the limited partnership capital had been distributed to investors.
| Laufzeit | Angebundene Solarparks | Emissionskapital (inkl. Ausgabeaufschlag) |
|---|---|---|
| 2015 - 2036 | Akou, Arida, Awaji, Kakogawa, Kinokawa, Ono, Shingu, Tatsuno | ¥ 2.496.783.000 |
HEP – Solar Portfolio 1 GmbH & Co. geschlossene Investment KG
The fund is no longer available for sale.
In January 2019, hep solar Invest offered retail investors their first opportunity to invest in a portfolio of global solar projects through the public AIF “HEP – Solar Portfolio 1 GmbH & Co. geschlossene Investment KG.” The Solarpark USA 1 is part of this fund. Through a country-specific special AIF, the investment invests in 13 U.S. and three Japanese solar parks (as of December 31, 2023) with a total capacity of approximately 74.1 MWp. The objective is the long-term operation of the solar plants as well as the sale of these plants at the end of the company’s term.
| Laufzeit | Angebundene Solarparks | Emissionskapital (inkl. Ausgabeaufschlag) |
|---|---|---|
| 2019 - 2039 | Ayabe, Kamigori, Clear, Cruise, Darlington, Depot, Limelight I, Limelight III, Marshfield, Mt. Kemble, Newark, Perkin Elmer, Richlands, Randolph, White Street | € 40.831.090 |
HEP – Solar Portfolio 2 GmbH & Co. geschlossene Investment KG
The fund is no longer available for sale.
In October 2020, hep launched the public AIF “HEP – Solar Portfolio 2 GmbH & Co. geschlossene Investment KG,” offering retail investors another opportunity to invest in a portfolio of global solar projects. Through country-specific target funds, the fund has invested to date in 14 U.S. solar parks via its target fund USA 2 (as of December 31, 2023), with a total capacity of approximately 62.5 MWp.
| Laufzeit | Angebundene Solarparks | Emissionskapital (inkl. Ausgabeaufschlag) |
|---|---|---|
| 2020 - 2030 | Perendale, Cotton, Wilton I, Wilton II, Linkville, Sesqui-C, Cosper Creek, Carnes Creek, Gardiner, Cairo, Kaiser Creek, Sandy River, Fruitland Creek | € 93.096.593 |
HEP – Solar Green Energy Impact Fund 1 GmbH & Co. geschlossene Investment KG
The fund is no longer available for sale.
The “HEP – Solar Green Energy Impact Fund 1” is our first fund within the meaning of Article 9 of the Disclosure Regulation, meaning that its objective is to make a positive and measurable contribution to achieving its sustainability objectives. As part of its sustainable investment strategy, the fund makes sustainable investments within the meaning of Article 2(17) of the Disclosure Regulation, as well as investments in environmentally sustainable economic activities within the meaning of the Taxonomy Regulation.
| Laufzeit | Angebundene Solarparks | Emissionskapital (inkl. Ausgabeaufschlag) |
|---|---|---|
| 2022 - 2028 | € 51.979.290 |
The History of Our Group
hep was founded with the goal of providing a one-stop solution for the expansion of solar energy—technologically, operationally, and financially. This vision led to the creation of HEP Kapitalverwaltung AG (KVG), with the aim of making sustainable infrastructure projects attractive to investors.
Since then, KVG has been developing investment products that invest in selected solar projects of the hep solar group. In doing so, it operates independently and pursues an economically oriented investment approach that is also transferable to other environmentally motivated infrastructure projects.
Board of Directors of HEP Kapitalverwaltung AG
Ingo Burkhardt
Ingo Burkhardt has served as Chief Executive Officer (CEO) of HEP Kapitalverwaltung AG since 2025. Prior to that, he had been a member of the Executive Board and Senior Vice President of Asset Management at the company since 2016. His career with the hep solar group began in November 2009, shortly after the company was founded. He completed his academic studies in economics at the University of Hohenheim.
Thorsten Eitle
Thorsten Eitle is a co-founder of the hep solar group and a member of the Executive Board of HEP Kapitalverwaltung AG. As Chief Sales Officer (CSO), he oversees the sales division of the asset management company. He is an expert in capital investments, particularly in the field of sustainable investments in renewable energy. He completed his academic studies at the University of Heidelberg.
Dr. Nikolai Noeske
Nikolai Noeske has been a member of the Executive Board and Chief Risk Officer (CRO) at HEP Kapitalverwaltung AG since 2026. A doctor of economics, he brings extensive experience in risk management at asset management firms and in the international financial industry. His focus is on further developing an effective risk management framework. He studied economics at the University of Bonn and earned his doctorate in game theory.
Join our team
Thank you for your interest! You can find open positions at HEP Kapitalverwaltung AG on our Group’s job portal. There, you’ll find an overview of all current openings across a wide range of departments. You can also learn more about our corporate culture, career opportunities, and the benefits we offer as an employer. We’ve compiled all the information you need about a career with us right here:
