KGAL GmbH & Co. KG expects to complete the sale of five photovoltaic plants in Spain by the end of 2019.

The investment manager acquired the solar farms between 2007 and 2011 for several mutual funds. However, KGAL failed to achieve planned revenue from the plants, after the Spanish government retroactively reduced feed-in tariffs in 2011.

"The sale enabled us to secure an attractive return for investors," said Michael Ebner, managing director of infrastructure at KGAL Investment Management GmbH & Co. KG.

Two of the solar farms, each with a nominal capacity of 5 MW, were sold to a Spanish fund in July. KGAL expects to transfer the ownership of the remaining three solar farms, totaling 31 MW, to the same fund in the fourth quarter.