KGAL Investment Management has added a Spanish solar park to the portfolio it manages for Software AG Foundation (SAGST).
The investment manager said it has invested an unspecified amount to acquire the 60.5MWp Gerena solar park in southern Spain’s Andalusia on behalf of SAGST from BayWa re.
In October last year, KGAL acquired three wind turbines near Perscheid, in the Rhineland-Palatinate region of Germany from BayWa re for an undisclosed sum. The deal was made on behalf of an individual mandate with a volume in the “hundreds of millions of euros awarded” to KGAL by SAGST.
Konrad Lindner, portfolio manager at KGAL, said: “The portfolio is now diversified across locations, technologies, and offtake models. The projects are designed to generate stable cash flows with controlled risk.
“The SAGST mandate includes four pure equity investments: three wind farms in Germany and the newly added solar park in Spain.”
Markus Ziener, managing director at SAGST, said: “With the acquisition of Gerena, we successfully complete the first stage of our investment strategy in the area of renewable energies.
“So far, we have invested a total of €150m in related projects. We aim to realise additional projects totalling up to €100m in the next development phase through SAGST Renewables GmbH.
“KGAL remains our partner to select investments that meet our criteria for impact, value retention, and sustainability.”
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