Keppel Infrastructure Trust (KIT), managed by Singapore’s Keppel Infrastructure Fund Management, has committed €34 million ($37 million) to acquire a 45 percent effective stake in a second German solar portfolio from Dutch company Enpal B.V.
In a statement on Wednesday, KIT said the move added 205 MW of solar capacity and increased its total renewable energy portfolio to 1.4 GW upon final close, without revealing names of the German entity.
The acquisition is structured through a special purpose vehicle (SPV) in which KIT holds a 50 percent interest, with 40 percent held by a joint venture between MM Capital Partners and Mizuho Leasing Co., Ltd., and 10 percent held by Equitix Investment Management Limited. The SPV holds a 90 percent stake in the solar portfolio, with Enpal retaining the remaining 10 percent. The committed equity will also fund the acquisition of additional photovoltaic systems expected to be deployed until June 2027.
The portfolio comprises approximately 13,700 bundled solar photovoltaic systems installed primarily across residential rooftops in Germany, underpinned by 20-year lease contracts with households. Enpal will continue to provide monitoring and maintenance services under long-term contracts.
The acquisition follows KIT’s first purchase of a 45 percent stake in a 529 MW German solar portfolio from Enpal in December 2023. Upon completion, KIT’s assets under management will grow from approximately S$9.4 billion to approximately S$9.6 billion.
Kevin Neo, CEO of Keppel Infrastructure Fund Management, said the second acquisition from Enpal demonstrates confidence in the German renewable energy market and the ability to scale proven investment strategies. The 205 MW addition will secure cash flows from German homeowners and Germany’s feed-in-tariff regime to support stable distributions to unitholders.
KIT reported revenue of S$1.27 billion for the first half of 2026, up 13.8 percent year-on-year from S$1.12 billion. Profit for the period was S$23.8 million, down 58.6 percent from S$57.4 million in the first half of 2025. Pre-tax profit was S$37.4 million, down 48.3 percent year-on-year.