PATRIZIA secures EUR 210 million refinancing for major energy storage infrastructure asset in Germany

New financing secures plans for Etzel facility to expand into storage of hydrogen, supporting Europe’s transition to alternative energy sources.

  • PATRIZIA has acquired six new financing partners and significantly increased commitment from existing lenders for fund owning Germany’s largest independent supplier of cavern storage facilities
  • The vehicle owns the Etzel storage facility which stores essential liquid and gas energy sources, strengthening the energy security of Germany and north-west Europe
  • Future plans for the fund include the expansion of the Etzel facility into the storage of hydrogen, supporting Europe’s transition to alternative energy sources

Augsburg. 12 December 2023. PATRIZIA, a leading partner for global real assets, has secured EUR 210 million in refinancing for its open-ended special AIF "IVG Cavern Fund" which owns the Etzel storage facility that holds essential energy reserves for Germany and north-west Europe. As part of the extension of an existing financing tranche, PATRIZIA has attracted six new financing partners in addition to the existing banks in the vehicle.  

The major refinancing supports the further development of the Etzel facility in northern Germany, which is the largest independent supplier of caverns facilities in the country. The future plans for the site will see it further expanded and converted into a hydrogen storage facility, supporting Europe’s transition to clean energy sources. This year, the site completed the first leak test and started work to install equipment as part of its ambition to be ‘H2 ready’ by 2026.

The Etzel facility, which comprises a natural underground salt dome, consists of 75 individual underground caverns between 900 and 1,700 metres deep. The caverns have a total volume of over 40 million cubic metres, with an average natural gas cavern at the site able to supply around 80,000 people with energy for a year. The convenient location around 20 minutes from Bremerhaven on the North Sea combined with the unique geological composition of the site make Etzel one of the most attractive underground energy storage locations in northern Europe.

Heiko Süß, Head of Fund Management Frankfurt at PATRIZIA, said: "The strong result of the oversubscribed refinancing round underlines our long-term, solid investment strategy for the fund. With the solid backing of our partners, we are securing the sustainable position of this unique asset as a central component of Germany's future hydrogen infrastructure."

The "IVG Cavern Fund" was launched in 2008 and invests in underground storage facilities for liquid and gaseous energy sources. A total of 15 investor groups are currently invested in the special fund. The ongoing cash flow is generated from the fees that energy companies pay for the storage of energy sources in the caverns.

PATRIZIA was advised on the refinancing by Clifford Chance. Commerzbank AG acted as lead manager.

PATRIZIA: A leading partner for global real assets

With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 39 years. PATRIZIA manages approx. EUR 58 billion in assets and employs around 1,000 professionals at 28 locations worldwide. PATRIZIA has been making an impact since 1984 by helping children in need, since 1992 in close collaboration with Bunter Kreis (“colourful circle”) in Germany for aftercare of children with severe diseases and since 1999 through its support for the PATRIZIA Foundation. The PATRIZIA Foundation has given more than 600.000 children and young people worldwide access to education, healthcare, and a safe home to get the chance to live a better self-determined life over the last 24 years. You can find further information at and


Ed Whittaker


Corporate Communications

Phone: +44 7881 276427