KGAL fund adds 60 MW of solar projects to portfolio

Independent investment and asset manager KGAL GmbH & Co KG said on Monday that its fund KGAL ESPF 5 has acquired two solar park projects in the German federal state of Sachsen-Anhalt with a combined capacity of 60 MW.

The parks, Calvoerde West and Grauingen, are located near the city of Magdeburg and have capacities of 40 MW and 20 MW, respectively. The two plants complement the 60-MW Calvoerde Ost solar park, which the fund purchased at the start of 2023.

Calvoerde West and Grauingen are scheduled to be completed in the autumn of 2025, while Calvoerde Ost is already operational. Together, the three sites make up the Calvorde cluster.

The three solar parks have secured "attractive long-term cash flows" for the next 20 years thanks to awards in local auctions.

Moreover, there are plans for the participation of Calvoerde Ost in innovation tenders for solar generation and battery storage projects.

The acquisition marks the 12th transaction for KGAL ESPF 5 and comes as the impact fund nears its final closing. According to the statement, the fund has already invested in nine solar, wind, and battery projects across six European countries, deploying 93% of its capital of EUR 351 million (USD 389.5m). Most recently, KGAL ESPF 5 purchased a 50-MW solar project in the Czech Republic from local power grid operator Sev.en Inntech as.

(EUR 1 = USD 1.110)

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