KGAL Investment Management is establishing a joint venture with Polish project developer Lasuno to develop four solar parks in the country with a total capacity of 200MW.
The KGAL ESPF 5 impact fund will invest in the projects expected to reach Ready-to-Build (RTB) status by the end of 2025.
The four solar projects, which are in the early stages of development, in the north and west of the country.
Three of the sites are also suitable for wind farms.
The joint venture will develop these and other projects to RTB status and selected projects can be added to the KGAL ESPF 5 portfolio.
“KGAL has been active in Poland since 2019 because of the attractive framework conditions for renewable energy.
“First, the potential returns in Poland are above average, and second, we can achieve a particularly large impact with our solar and wind power plants by replacing GHG-intensive electricity generation,” said Michael Ebner (pictured), Managing Director of KGAL Investment Management.
KGAL ESPF 5 will hold a majority stake in the joint venture, while Lasuno will be responsible for the development and management of the projects.
Wojciech Kawecki, founder and managing director of Lasuno, added: “With KGAL we have found a financially strong partner that is already successfully driving similar joint ventures in the solar and wind sectors in several European countries.”
The joint venture with Lasuno is KGAL ESPF 5’s fourth platform investment, in which the fund invests in an entire pipeline, rather than acquiring a single asset.
In this way, KGAL ESPF 5 gains access to a large number of projects with just one transaction, and participates in the value creation right from the start of the development phase.