KGAL Investment Management has acquired a Spanish solar park on behalf of the Software AG Foundation (SAGST).
The 60.5MWp Gerena solar park (pictured) has been feeding electricity into the grid since June 2025 and was developed by long-time KGAL partner BayWa r.e.
The Gerena project is located in the municipality of Guillena in the province of Seville and was built on former agricultural land.
The revenue for about 70% of the electricity production is secured through a 10-year power purchase agreement (PPA) with a European industrial company.
Portfolio manager at KGAL Konrad Lindner said: “The portfolio is now diversified across locations, technologies, and offtake models. The projects are designed to generate stable cash flows with controlled risk.”
The SAGST mandate includes four pure equity investments: three wind farms in Germany and the newly added solar park in Spain.
SAGST managing director Markus Ziener said: “With the acquisition of Gerena, we successfully complete the first stage of our investment strategy in the area of renewable energies.
“So far, we have invested a total of €150m in related projects. We aim to realise additional projects totalling up to €100m in the next development phase through SAGST Renewables GmbH.
“KGAL remains our partner to select investments that meet our criteria for impact, value retention, and sustainability.”
The Software AG Foundation, based in Darmstadt, is one of the largest non-profit foundations in Germany. Its assets are diversified across various asset classes and are strictly invested according to self-defined ESG criteria, including real estate, capital markets, and corporate holdings.