KGAL has received approval for three large-scale solar PV projects in Italy with a combined capacity of 380MW.
The projects in the Lazio region and Sicily, will be successively connected to the grid from the first quarter of 2024.
KGAL projects that will soon go under construction is the 150MW Tuscania, one of the largest solar parks ever approved in Italy with a capacity of 150MW.
KGAL has also achieved ready-to-build status for the 90MW Vitorchiano solar park.
The location of these two plants between the north of Italy and Rome is strategically advantageous, as higher electricity prices can be achieved in this region, the company said.
The third approved project is the 140MW Pietra Monreale, which is being built in Sicily.
In addition to electricity generation, the land surrounding this so-called ‘agricultural solar park’ will also be used for farming purposes such as olive and fruit cultivation.
KGAL is developing solar and wind parks with a total capacity of more than 1.2GW in the Italian market.
Institutional investors of the funds KGAL ESPF 4 and KGAL ESPF 5, which is currently being marketed, will participate in these investments.
The combination of strong solar radiation and above-average electricity prices make Italy one of the most attractive markets in Europe for solar PV projects, KGAL said.
In addition, the Italian government has encouraged the expansion of renewable energy generation with the introduction of legislative initiatives in the past year, the company said.
The share of green energy within the total energy consumption is set to rise rapidly from 20% in 2020 to 30% in 2030.
KGAL Investment Management managing director of sustainable infrastructure Michael Ebner said: “The approval procedures have become much simpler and faster.
“KGAL, which is one of the largest solar PV investors in Italy, is benefiting from the growing momentum with its renewable energy funds and is, in turn, making a significant contribution to achieving the expansion targets.”