Keppel Infrastructure Trust (KIT) has completed the second closing of its investment in a solar portfolio from Enpal on March 15.
KIT, on Dec 21, 2023, announced that it is committing up to EUR109 million ($159 million) to acquire a 45% stake in Enpal B.V., Enpal’s solar portfolio through a special purpose vehicle (SPV).
KIT will hold a 50% stake in the SPV while the remaining 50% will be held by Equitix Investment Management Limited (Equitix) and its co-investors. The SPV will acquire a 90% stake in Enpal’s solar portfolio with Enpal retaining the remaining 10% stake.
The portfolio is projected to include over 60,000 bundled solar photovoltaic (PV) systems across Germany with a projected combined generation capacity of 585 MW.
Units in KIT closed at 49.5 cents on March 15.
