Two funds managed by KGAL Investment Management have each acquired a 25% stake in renewable energy project developer GP Joule Projects.

KGAL said the investment is being made on behalf of its fourth and fifth European renewable energy vehicles KGAL ESPF 4 and KGAL ESPF 5. Financial details were undisclosed.

GP Joule Projects develops wind and solar energy projects. Since 2009, the company has developed more than 20 wind parks and 130 solar parks with a total output of over 1GW. KGAL has in the past acquired assets from GP Joule Projects.

KGAL said GP Joule Projects is currently focusing primarily on Germany and plans to accelerate expansion in Europe.

Michael Ebner, managing director in charge of sustainable infrastructure at KGAL Investment Management, said: “When we acquired two wind farms in Schleswig-Holstein, we were already able to convince ourselves of the professionalism of the company and the attractiveness of its projects.

“With our participation in GP Joule Projects, we are now able to enter greenfield development with a comprehensive portfolio. This gives our KGAL ESPF 4 and KGAL ESPF 5 funds even better opportunities for diversification and the chance of above-average returns. Projects from the pipeline can also be considered as investments for our KGAL ESPF 5 impact fund.”

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