Renewable

January 12 (Renewables Now) - KGAL Investment Management GmbH & Co KG has bought a combined 50% interest in renewables developer GP JOULE Projects for an undisclosed sum.

Specifically, the asset manager has acquired a 25% stake in the firm for each of its funds KGAL ESPF 4 and KGAL ESPF 5.

Part of the GP JOULE Group, GP JOULE Projects is a developer of both wind and solar projects. The firm is active along the full value chain upon reaching shovel-ready status and then sells the schemes. It has developed over 20 wind parks and 130 solar plants surpassing 1,000 MW of total capacity since 2009, with a current focus on Germany.

GP JOULE Projects plans to use the funds from the fresh investment to further develop existing projects and expand its portfolio.

"Investing in GP JOULE Projects means we are now able to enter greenfield development with a comprehensive portfolio. Our KGAL ESPF 4 and KGAL ESPF 5 funds will therefore have even better opportunities for diversification and the potential to further enhance returns,” said Michael Ebner, managing director of Sustainable Infrastructure at KGAL Investment Management. He added that impact fund KGAL ESPF 5 could also consider projects from the pipeline for future investments.

On the other hand, KGAL will provide GP JOULE Projects with access to new markets in Europe, allowing it to further accelerate its growth.