- Press Releases
May 19 (Renewables Now) - German investment and asset manager KGAL GmbH & Co KG announced today that it has acquired a majority stake in Italian renewables developer Baltex Progetti, which has a pipeline of over 300 MW of wind and solar power projects in Italy.
The German firm said it made the deal via its impact fund KGAL ESPF 5, without disclosing the size of the stake and other financial details.
Baltex Progetti is planning wind projects in Emilia Romagna, and solar power schemes in Sardinia and Sicily. Together with KGAL, the developer will finalise the projects and own and operate them as an independent power producer (IPP).
KGAL expects the first power plants to be grid-connected in 2026.
"For KGAL ESPF 5, holding a majority stake has the major advantage of securing access to a broadly diversified, promising project pipeline in the highly competitive renewables market via just one transaction.", said Michael Ebner, managing director and head of Sustainable Infrastructure at KGAL Investment Management.
"Moreover, we will cover the entire value chain from the early development phase to the subsequent operation of the plants as IPP. Accordingly, we expect to achieve an above-average return on the investment," Ebner added.
The latest is the fourth transaction for KGAL ESPF 5, which announced its first closing in December 2021. The investment firm said that another acquisition in Southern Europe is imminent.