October 8 (Renewables Now) - German investment manager KGAL GmbH & Co KG has achieved a final close of EUR 750 million (USD 824m) for a renewable energy fund that invests predominantly in wind, solar and hydropower in Europe.
Specifically, KGAL Investment Management GmbH & Co KG has successfully closed its KGAL ESPF 4 fund, whose placement period was extended by almost a year after attracting substantial interest that far exceeded the company’s expectations. According to the announcement, a total of 32 institutional investors subscribed as of September 30, 2019.
The fund has already allocated EUR 280 million of the raised sum for projects in six countries, representing a total capacity of 350 MW. In addition to wind, solar and hydro, KGAL ESPF 4 can also support more technologies relating to renewables and storage, as well as network infrastructure.
“We have signed exclusivity agreements to secure access to an additional 1,000 megawatts of renewable energy projects in various countries,” commented Alexander Rietz, portfolio manager for KGAL ESPF 4.
The fund is able to invest up until mid-2022, with a term ending in 2026. There are two two-year extension options.
(EUR 1.0 = USD 1.098)