KGAL Investment Management is establishing a joint venture with Polish project developer Lasuno for its KGAL ESPF 5 impact fund, for the purpose of developing four solar parks with a total capacity of more than 200 megawatts (MW).
The pipeline will be expanded in the coming years to include additional solar and wind projects. The first solar parks are expected to reach Ready-to-Build (RTB) status by the end of 2025.
Poland has recently achieved remarkable success in promoting energy transition through regulatory and financial support mechanisms. The share of lignite and hard coal in electricity generation – currently more than 70 percent – is falling. In turn, the solar PV market is growing faster than in almost any other European country, with capacity increasing from just 0.2 gigawatts to 10.7 gigawatts in the last six years. “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,” says Michael Ebner, Managing Director of KGAL Investment Management.
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