Keppel Infrastructure Trust acquires 45% stake in second German solar portfolio from Enpal for US$39.2 million
This will add 205 MW of solar energy capacity to its existing portfolio
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[SINGAPORE] The trustee-manager of Keppel Infrastructure Trust (KIT) on Wednesday (Aug 5) said it has acquired a 45 per cent stake in a second German solar portfolio from Enpal for 34 million euros (US$39.2 million).
The deal will be executed via a special purpose vehicle, with the venture slated to increase KIT’s total renewable energy portfolio capacity by about 205 MW to around 1.4 gigawatts.
The trustee-manager added that the second portfolio has 13,700 bundled solar photovoltaic systems, mainly installed across residential rooftops.
“The committed equity will also fund the acquisition of additional photovoltaic systems that are expected to be deployed up till June 2027.”
The transaction as a whole is set to further enhance KIT’s cash flows and ability to “deliver sustainable distributions to KIT’s unitholders”, it added.
It is also expected to be distribution per unit-accretive to KIT, strengthen KIT’s German solar platform and increase the trust’s exposure to defensive infrastructure assets that are largely protected from variability in market price and generation output.
The venture will be funded through KIT’s internal sources of funds, said its trustee-manager.
KIT made its first acquisition of a 45 per cent stake in a 529 MW solar portfolio from the greentech unicorn in December 2023.
Units of KIT closed down 3.7 per cent or S$0.02 at S$0.525 on Tuesday.
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