Keppel Infrastructure Trust (KIT) has extended its partnership with German renewables group Enpal by committing 鈧�34m to acquire a stake in a 205MW residential solar portfolio.
Keppel Infrastructure Fund Management (KIFM), as trustee-manager of Singapore-listed KIT, is acquiring an effective 45% stake in the asset via a special purpose vehicle (SPV). The SPV will hold a 90% interest in the portfolio, with Enpal retaining the remaining 10%.
Within the SPV, KIT holds a 50% interest alongside a joint venture between MM Capital Partners and Mizuho Leasing with 40%, and Equitix Investment Management with 10%.
The deal follows KIT鈥檚 initial transaction with Enpal in December 2023, when it acquired a 45% stake in a 529MW German solar portfolio through an SPV with Equitix and co-investors.
Kevin Neo, CEO of KIFM, said: 鈥淭his second acquisition from Enpal demonstrates our confidence in the German renewable energy market and our ability to scale proven investment strategies.
鈥淏y adding 205MW of solar capacity, we are able to secure highly visible cash flows from German house owners and Germany鈥檚 robust feed-in-tariff regime that will enhance our ability to deliver stable and recurring distributions to our unitholders.鈥�
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