KIT takes 45% stake in Enpal’s second German solar portfolio

The trust has committed approximately $50m for the acquisition.

Keppel Infrastructure Trust (KIT) will acquire an effective 45% stake in a second German solar portfolio from Enpal, adding approximately 205 megawatts to its renewable-energy capacity upon final close.

The trust has committed approximately $50m (EUR34m) for the acquisition. The investment will be funded through its internal sources, according to a bourse filing.

The transaction follows KIT’s acquisition of a 45% stake in a separate 529MW Enpal solar portfolio in December 2023.

The deal will be made through a special-purpose vehicle that holds a 90% stake in the portfolio, whilst Enpal will retain the remaining 10%.

KIT owns 50% of the vehicle, giving it a 45% effective interest in the portfolio. A joint venture between MM Capital Partners and Mizuho Leasing holds 40%, whilst Equitix Investment Management owns the remaining 10%.

The second portfolio comprises about 13,700 bundled solar photovoltaic systems, primarily installed on residential rooftops. Additional systems are expected to be deployed through June 2027.

Upon final close, the trust’s total renewable-energy portfolio capacity is expected to increase to approximately 1.4 gigawatts. Its assets under management will rise to approximately $9.6b from $9.4b.

The solar systems are covered by 20-year lease contracts with households. Enpal will continue to provide monitoring and maintenance services under long-term contracts.

The acquisition is not expected to materially affect its distribution per unit or net tangible assets per unit for the financial year ending 31 December 2026.

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