KGAL makes 27-MW wind asset purchase in Poland

KGAL Investment Management GmbH & Co KG said on Tuesday it has acquired the 27-MW Rywald onshore wind project in Poland, its third in the country, thus growing its local wind portfolio to almost 75 MW.

Rywald is a fully permitted scheme with a 15-year feed-in tariff (FiT) in place for a large portion of the future output. It calls for the installation of nine wind turbines about 200 km northwest of Warsaw. Construction work is planned to start in late 2021, while commissioning is scheduled for next year.

"Central and Eastern Europe and Poland in particular offer attractive risk-return profiles in both wind energy and photovoltaics (PV). Poland, a country heavily reliant on coal, has a huge need for additional renewable energy capacity, which our institutional investors can benefit from as part of a strategic portfolio addition," said managing director Michael Ebner. He added that the investment manager currently focuses on purchasing project rights and implementing these projects independently.

In addition to Rywald, KGAL also owns a 11.7-MW wind project located 60 km northwest of Gdansk and the 35.2-MW Krasin wind farm in the municipality of Paslek. The former is expected to be completed as early as this month, while Krasin should be up and running next spring. KGAL noted that it also has over 150 MW of solar and wind projects under joint development with partners.

The investment manager went on to say that it has a wind farm under construction in Germany and is recognising a positive development when it comes to its PV pipeline in Southern Europe. It expects solar projects in Italy, Spain and Portugal to be ready for construction soon.

The Rywald purchase is a transaction attributed to the AIF KGAL ESPF 4 fund, which closed at EUR 750 million (USD 899.5m) in late 2019 and is now over 85% invested. That fund has been succeeded by KGAL ESPF 5.

(EUR 1.0 = USD 1.199)

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