KGAL Investment Management has acquired a solar park in southern Spain’s Andalusia on behalf of the Software AG Foundation (SAGST), one of the largest nonprofit foundations in Germany. Financial terms were not disclosed.
The Gerena solar park is located in the municipality of Guillena in the province of Seville and was built on former agricultural land. The project was developed by KGAL’s long-time partner BayWa r.e. The facility, with a capacity of 60.5 megawatts-peak, has been feeding electricity into the grid since June.
KGAL confirmed that the revenue for about 70 percent of the electricity production of the project is secured through a 10-year power-purchase agreement with a European industrial company.
“With the acquisition of Gerena, we successfully complete the first stage of our investment strategy in the area of renewable energies,” said Markus Ziener, managing director at SAGST. “So far, we have invested a total of €150 million ($176 milli
