German bank Commerzbank announced on Thursday that it had acquired a 74.9% stake in Aquila Capital, an asset manager specializing in clean energy and sustainable infrastructure.

Commerzbank says it intends to make Aquila Capital a European "leader" in sustainable investment, with assets under management set to exceed €40 billion following the merger.

Aquila Capital currently manages wind, solar and hydroelectric assets, as well as sustainable real estate and green logistics projects, for institutional investors worldwide.

The transaction, the amount of which was not disclosed, is expected to close in the second quarter.

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