German KGAL acquires 20MW solar parks in France

Oct 2, 2014 - German asset manager KGAL has purchased four solar power plants in France with a total capacity of 20 MW, expanding its solar power portfolio to more than 350 MW, it said on Monday.

The newly acquired Meteor photovoltaic (PV) complex comprises three solar power plants located in the city of Le Mans, northwestern France, and one solar park in the south of the country near Toulouse. The solar parks will be connected to the grid in two stages in September 2014 and in the spring of 2015.

With the latest buy, KGAL has invested more than EUR 120 million (USD 151.9m) in 11 solar power projects in France, Germany and England in 2014 so far. The company aims to reach 1 GW of invested solar and wind power installations by the end of the year.

According to KGAL Investment Management CEO Klaus Wolf it is becoming increasingly difficult to find suitable investment sites for solar energy in Europe as the attractive region for PV is in the Earth's equatorial sun belt.

(EUR 1.0 = USD 1.266)

Choose your newsletter by Renewables Now. Join for free!