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KGAL holds first closing of ESPF 4 at EUR255m

KGAL has held the first closing of its core plus European renewable fund ESPF 4. With EUR255 million of committed equity, the Luxembourg-based SICAV-SIF vehicle is in line with its fundraising schedule, having attracted large commitments from four major European institutional clients.

KGAL ESPF 4 fund was launched a year ago as a successor fund for ESPF 3. The core plus investment strategy focuses on the entire spectrum of the value chain in the fields of wind, photovoltaics and hydropower – with a  focus on greenfield investments – across Europe. Capital deployment will focus on opportunities in wind repowering, hydro power consolidation, PV value enhancement and opportunistic power storage synergies.
 
Michael Ebner, Speaker of the Management Board of KGAL Investment Management and responsible for infrastructure sees that: “With our optimised risk-return profile within the Fund, we are harnessing our substantial asset management know how in renewable energy assets for the Investors as well as the extensive experience in deal sourcing and project acquisition.”
 
Since KGAL itself also invests in the fund, the organisation’s goals are in alignment with the institutional investors. Gert Waltenbauer, CEO of KGAL GmbH & Co KG, says: “Our own investments in the fund underline our strong belief in the fund’s strategy and the sector’s future development. The dynamic development of renewable energy markets requires a flexible, regionally diversified investment strategy that is aligned with investment cycles. We determined these trends and translated them into a strategy that offers attractive, risk-free return on investment.”
 
The fund should be completely placed by the end of 2018.

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