German asset manager KGAL said its KGAL ESPF 5 impact fund has purchased a planned 50 MW solar project in Czechia.
The PVPP Saxonie project will be built near the city of Most, near the German border. The construction phase will begin shortly, with Prague-based developer Micronix responsible as the engineering, procurement and construction contractor. The electricity will mainly be marketed through a long-term power purchase agreement.
The seller of the project is Sev.en Inntech, a Czech company that also operates the local power grid that the solar park will be connected to next year.
The acquisition is the KGAL ESPF 5 impact fund’s first step into the Czech solar market. It is its 11th transaction in total, as it already has a presence in Germany, Greece, Italy, Poland and Spain.
Florian Martin, co-CEO of KGA, said that more than 80% of the fund’s €350 million ($389.3 million) in equity has already been allocated, with 43% deployed. “Our investors have access to a total of more than 200 projects – an unprecedented diversification with enormous potential for the coming years,” added Martin.
The fourth round of KGAL ESPF was completed last year across 33 European wind and solar parks.
Czechia installed 484 MW of solar in the first half of this year, nearly matching the 487 MW added in the first six months of 2023.
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