KGAL Investment Management has signed a 10-year power-purchase agreement (PPA) with the Italian utility Edison for its 150-megawatt Tuscania solar park — an asset held by the KGAL ESPF 4 fund.
Located in the Lazio region, Tuscania is one of the largest solar parks in Italy. The solar park is expected to produce 240 gigawatt hours of electricity per year and avoid more than 100,000 metric tons of carbon dioxide emissions annually. Electricity production is scheduled to start in the second half of 2024, following completion of the construction phase.
The core-plus KGAL ESPF 4 fund aims to invest in medium-sized renewable energy projects (mainly onshore wind, solar photovoltaic and hydro) in the European Union and neighboring countries. As of July, KGAL had invested a total of €1.3 billion ($1.4 billion) for the fund. KGAL ESPF 4’s diversified portfolio consists of offshore and onshore wind farms in Germany, Poland and Sweden, as well as solar plants in Bulgaria, It