KGAL Investment Management GmbH & Co. has held a €382 million ($463 million) second closing for its renewable energy fund KGAL ESPF 4.
The fund invests mainly in wind, solar and hydropower in Europe and pursues a core-plus strategy.
KGAL ESPF 4 has a €500 million ($606 million) target with a €600 million ($728 million) hard cap. Combined with moderate leverage, this translates into a potential investment amount around €1 billion to €1.2 billion ($1.2 billion to $1.5 billion).
The fund has started committing its capital, investing almost three-quarters of it. Investments include photovoltaic project pipelines in Spain and Italy with a capacity of up to 600 megawatts; onshore wind power and hydropower in Scandinavia; and grid infrastructure, mainly concentrating on the EU28 countries and the EFTA region.