German company KGAL Investment Management has acquired a significant stake in Polish project developer Lasuno for its KGAL ESPF 5 impact fund.

KGAL has also formed a joint venture (JV) with Lasuno to develop four solar parks with a total capacity of more than 200MW in the north and west of the country.

The company noted three further sites that are suitable for the development of wind farms.

The first solar power generation facility is expected to reach the ready-to-build stage by the end of 2025, and the selected projects could be added to the KGAL ESPF 5 portfolio.

The project pipeline will be further expanded with the addition of new solar and wind projects.

KGAL Investment Management managing director Michael Ebner stated: “KGAL has been active in Poland since 2019 because of the attractive framework conditions for renewable energy.

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“First, the potential returns in Poland are above average, and second, we can achieve a particularly large impact with our solar and wind power plants by replacing greenhouse gas-intensive electricity generation.”

KGAL ESPF 5 will be the major stakeholder in the JV, while Lasuno will be responsible for the development and management of the projects.

Wojciech Kawecki, founder and managing director of Lasuno, added: “With KGAL, we have found a financially strong partner that is already successfully driving similar joint ventures in the solar and wind sectors in several European countries.”