Real assets fund manager KGAL has teamed up with solar projects developer Pfalzsolar to build solar parks in Greece.

KGAL is investing, an undisclosed amount on behalf of its fifth European renewable energy vehicle KGAL ESPF 5, in the partnership that will develop the 81 MWp Volos project in central Greece, and the 95 MWp Evros project in the north.

Pfalzsolar is responsible for the planning, construction and operation of the plants together with local onsite partners.

Grid connection for the Volos project is planned for the end of 2023, and the Evros project is on course for autumn 2024.

The partnership aims to capitalise on a recent law passed in Greece which helped reduce the average approval period for renewable energy plants from five years to 14 months.

“Another plus is the state-subsidised feed-in tariffs for green electricity via tenders,” said Michael Ebner, managing director of KGAL Investment Management.

Ebner added that the joint projects could also secure power purchase agreements – or sell electricity on the spot market. “We are extremely well-positioned with Pfalzsolar as we can generate very attractive returns in every possible scenario.”

To read the latest edition of the latest IPE Real Assets magazine click here.