KGAL’s sixth European energy fund is making a significant investment in a 1 GW green hydrogen project located in Lubmin, Germany. The firm’s ESPF 6 fund is partnering with project initiator PtX Development and German green energy specialist GP Joule, although the specific investment amount remains undisclosed, reported IPRealAssets.
The Lubmin project will be developed on the site of a former nuclear power plant. The first phase, expected to be completed by 2028, will involve installing around 210 MW of electrolysis capacity, with initial costs estimated at approximately €500 million. An additional 840 MW will be added in subsequent stages during the second phase.
Alan Cadmus, managing partner of PtX Development, remarked, “Lubmin is a distinctive project. This site is one of Germany’s key centers for advancing the hydrogen economy on a European level. With KGAL and GP Joule as our strong partners, we are well-positioned to successfully realize and expedite the project.”
Ove Petersen, CEO and co-founder of GP Joule, stated, “Our vision at GP JOULE is to achieve 100% renewable energy for everyone. Onsite hydrogen production is crucial for integrating green energy into the future energy system. It enables us to collect, convert, and utilize vast amounts of renewable electricity at any time. In Lubmin, alongside KGAL and PtX Development, we are demonstrating how this can be achieved.”
Thomas Engelmann, head of energy transition at KGAL, emphasized, “Together with the hydrogen core network, Lubmin will play a vital role in decarbonizing the German economy. This is the epitome of impact investment.”
Carolin Vormann, head of institutional business at KGAL, added, “In the rapidly growing sector of energy transition—especially in green hydrogen—gaining access to projects and market knowledge is crucial for success.”
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