KGAL ESPF 5 sold the 16-MW Spalletti solar park near Parma, Italy, to Altea Green Power in May 2026. The asset has been operational since early 2024 and benefits from a government-backed feed-in tariff. KGAL acquired the project in 2021 at shovel-ready stage and exited after construction and early operations.

The deal shows a clear shift in Italy solar M&A: funds are monetizing stabilized PV assets once construction risk is removed, while domestic buyers are targeting smaller operational projects with contracted revenue. The commercial value is not scale alone. It is grid access, tariff visibility, and reduced execution risk.

KGAL’s strategy fits a buy-build-sell model. The fund used the sale to release capital for new acquisitions, including its recent investment in a 17.3-MW/48.8-MWh standalone BESS project in Germany.

Altea Green Power, a domestic energy company, gains an operating PV asset in Emilia-Romagna with predictable cash flow. This mirrors broader Europe activity, where Enerdatics noted that Italy and Spain led solar M&A in Q3 2025, while buyers remained selective around asset stage and revenue certainty.

Italy’s next solar deals are likely to favor operational, RtB, and hybrid-ready assets over merchant-heavy early-stage pipelines.

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