KGAL enters 176MW Greek solar JV

Jan 24, 2023 01:12 PM ET
  • Pfalzsolar will construct the 81MW Volos as well as the 95MW Evros projects in support of the German asset manager
KGAL enters 176MW Greek solar JV
Image: Unsplash/Jeremy Bezange

Investment and asset manager KGAL and basic professional Pfalzsolar have actually become part of a joint venture for the development and construction of 2 solar parks, amounting to 176MW, in Greece.

The Volos project (81MW) is located in main Greece and also the Evros project (95MW) is located in the north.

Grid connection for the Volos project is planned for completion of 2023 and also the Evros project is on course for autumn 2024.

Both plants belong to the Article 9 impact fund KGAL ESPF 5.

Greece has just recently taken on a number of measures according to its ambitious solar power growth targets of 1.3 GW a year by 2030.

Of these, a regulation come on June 2022 aims to reduce the average approval period for renewable resource plants from 5 years to 14 months.

" One more plus is the state-subsidised feed-in tariffs for green electricity via tenders", stated Michael Ebner, Managing Director of KGAL Investment Management.

" Nonetheless, our joint projects could also secure PPAs-- power acquisition agreements-- or offer electricity instantly market.

" We are extremely well positioned with Pfalzsolar as we can create extremely appealing returns in every possible scenario."

Pfalzsolar is accountable for the planning, construction and operation of the plants along with neighborhood onsite partners.

Including the Greek market, KGAL is currently stood for in 12 European countries with its "sustainable infrastructure" asset class.

The Greek solar plants are the 6th investment for the Article 9 influence fund because its launch at the end of 2021.

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