August 6 (Renewables Now) - Germany’s KGAL Investment Management GmbH & Co KG has sold five solar photovoltaic (PV) farms in Spain with a combined capacity of 41 MW, taking advantage of the current investor demand.
Of the five assets, located in the region of Castile-La Mancha, two 5-MW farms were sold to an unnamed Spanish fund in July 2019. The same investor will assume ownership of the remaining three, of 31 MW in total. The transfer is slated to take place in the fourth quarter of 2019.
KGAL said Tuesday it purchased the assets between 2007 and 2011 for several mutual funds. Later in 2011, the Spanish government decided to cut the feed-in tariffs (FiTs) for such power generators, a move that changed the revenue scenario for KGAL’s solar farms. The German asset manager said today it had been able to secure “an attractive return” for its investors.