German asset manager KGAL said its KGAL ESPF 5 impact fund has purchased a planned 50 MW solar project in the Czech Republic.
The PVPP Saxonie project will be built near the city of Most, close to the German border. The construction phase will begin soon, with Prague-based developer Micronix responsible as engineering, procurement and construction contractor. The electricity will mainly be brought to the market through a long-term power purchase agreement.
The seller of the project is Sev.en Inntech, a Czech company that is also active the local electricity grid to which the solar park will be connected next year.
The acquisition is the first step of the KGAL ESPF 5 impact fund on the Czech solar energy market. It is the eleventh transaction in total, as it is already present in Germany, Greece, Italy, Poland and Spain.
Florian Martin, co-CEO of KGA, said that more than 80% of the fund’s €350 million equity has already been allocated, of which 43% has been deployed. “Our investors have access to a total of more than 200 projects – unprecedented diversification with enormous potential for years to come,” said Martin.
The fourth round of KGAL ESPF was completed last year in 33 European wind and solar farms.
The Czech Republic installed 484 MW of solar power in the first half of this year, almost equal to the 487 MW added in the first six months of 2023.
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