KGAL sells 41 MW solar plants in Spain

KGAL Investment Management GmbH & Co KG is set to sell its five solar photovoltaic plants in Spain with a combined capacity of 41 MW. 

KGAL acquired five solar farms in the autonomous province of Castilla la Mancha between 2007 and 2011 for several mutual funds (Infra Class Energy 3, 4 and 5). Two solar farms, each with a nominal capacity of five megawatts, were sold to a Spanish fund in July 2019. The transfer of ownership of three further parks, with a total nominal capacity of 31 MW , to the same investor is planned for the fourth quarter of 2019.

At the end of 2011, the Spanish government decided to retroactively reduce the feed-in tariffs. Thus, the originally planned revenue could not be achieved. KGAL has able to secure “an attractive return” for its investors with the sale of the assets.