German asset manager KGAL said four of its major European institutional investor clients were among those committing equity to its latest European renewable energy fund, which raised €255m.

The KGAL ESPF 4 fund was launched a year ago as a successor to its ESPF 3 fund.

It has a core-plus investment strategy and focuses on assets in all parts of the value chain within wind, photovoltaic (PV) and hydropower energy in Europe.

“Capital deployment will focus on opportunities in wind repowering, hydro power consolidation, PV value enhancement and opportunistic power storage synergies,” it said.

KGAL said it also invests in the fund itself.

Gert Waltenbauer, chief executive of KGAL, said: “The dynamic development of renewable energy markets requires a flexible, regionally diversified investment strategy that is aligned with investment cycles.”

The fund should be completely invested by the end of 2018, the firm said.