German asset manager KGAL Investment Management has acquired a majority stake in Italian renewables developer Baltex Progetti through its fund KGAL ESPF 5.
With a current pipeline of 300MW of solar and wind projects, both companies will complete and operate completed plants as an independent power producer (IPP), with further growth expected.
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The solar projects are located in the Italian regions of Sardinia and Sicily and the first power plants are scheduled to be energised in 2026.
Another acquisition in Southern Europe is imminent for KGAL ESPF 5, the company said, after completing its fourth transaction since December 2021, with further investments also planned throughout Europe.
Michael Ebner, managing director and head of sustainable infrastructure at KGAL, said: “For KGAL ESPF 5, holding a majority stake has the major advantage of securing access to a broadly diversified, promising project pipeline in the highly competitive renewables market via just one transaction.”
Earlier this year, KGAL acquired a 50% stake in renewables developer GP Joule Projects and both companies were, at the time, eyeing to expand its business in Europe and particularly in Germany.