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German investment fund acquires 1.1 GW of Italian battery projects

The KGAL investment vehicle has acquired a majority stake in the share capital of SEO Holding Srl, which holds contracts to develop four battery projects in Italy.

By

Lara Morandotti

Aug 02, 2024

German independent investment and asset manager KGAL has acquired a majority stake in the share capital of SEO Holding Srl which, through a special corporate vehicle, owns four battery energy storage projects in Italy with a cumulative power output of around 1.1 GW.

KGAL, which has a managed investment volume of €16 billion ($17.3 billion), was assisted by the Green Horse Legal Advisory team which handled all legal aspects of the operation including due diligence and contractual structuring and negotiation.

In Italy, renewable energy fund KGAL ESPF 5 successfully brought its first asset from project development to grid connection in spring 2024. The Spalletti solar park, in northern Italy, has a capacity of 17 MW. KGAL said that additional solar parks, with a total capacity of 100 MW, will come online later in 2024.

Two years after the launch of the KGAL ESPF 5 fund, 85% of its €334 million capital has already been allocated.

Written by

Lara Morandotti

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