The wind and solar portfolio, managed by KGAL on behalf of a German pension fund through a separately managed account, has been acquired by ERG, the leading Italian listed IPP, through its subsidiaries ERG Eolienne France SAS and ERG Windpark Beteiligungs GmbH.

It comprises 15 SPVs, seven photovoltaic and three wind farms with an installed capacity of 56.7 and 40.6 MW respectively located in France; and five wind farms with an installed capacity of 55.1 MW located in Germany.

The projects were commissioned between 2012 and 2017 and benefit from a feed-in-tariff with an average expiry date of 2032. The estimated total annual production of 273 GWh equals approximately to 2,100 equivalent hours for wind assets and 1,300 equivalent hours for photovoltaic assets, which amounts to 150 kt of avoided CO2 emissions per year.

“Asset divestment is becoming an increasingly important part of KGAL's investment strategy as we focus on an active buy-build-sell approach in our current funds.“ says Michael Ebner, Managing Director of Infrastructure at KGAL Investment Management. “With an experienced advisor like Astris Finance, we can achieve the best possible results for our investors in the transactions.“

”We are very pleased we advised KGAL in connection with the disposal of a scarce and sizeable renewable energy portfolio in Germany and France and to have successfully closed our first mandate in Germany since the opening of our Hamburg office in March 2021.” said Theoharis Saroglou, Director of Astris's Hamburg office. "The transaction shows the attractiveness of the German and French markets and underpins once again that international investors are keen to invest in operational assets which benefit from a strong feed-in-tariff.” added Arnaud Germain, Head of Astris Finance France and Germany.

Astris Finance acted as exclusive sell-side financial advisor to KGAL and involved Astris teams both in Hamburg and Paris.