Natixis acquires 25 MW in Portugal

French asset management company, Natixis Global Asset Management, part of the Natixis financial group, has announced its unit, Mirova, which specializes in clean energy investments, has agreed to acquire a 25 MW solar power project in Portugal from local developer, Hyperion Renewables.

The “ready-to-build” project has already been granted a financing agreement by Portugal’s Banco BPI, and has also secured a long-term PPA with local power distributor, Axpo Ibéria, a unit of Switzerland-based Axpo Group, the company said in a statement.

The plant will be built by local EPC contractor, Jayme da Costa and is scheduled to become operational in early 2019. Hyperion Renewables, Mirova said, will hold an unspecified minority stake in the projects, without providing further details.

Lisbon-based Hyperion secured the 10-year PPA from Axpo Ibéria in early January. To date, this is the second private PPA signed in the solar sector in Portugal. The first PPA of this kind was awarded to a 3.3 MW project completed in September of 2017, which was also constructed by Jayme da Costa.

Overall, a large number of “unsubsidized” solar projects that are potential candidates for the private PPA segment or the spot market, are currently being developed in the country.

Hyperion itself is currently developing three more solar facilities in Portugal: the 36 MW Central de Ferreira de Alentejo; the 42 MW Central Fotovoltaica de Moura; and the 24 MW Central Fotovoltaica de Lagos.

The company has also completed two solar parks of 6 MW and 4 MW, respectively. All of these projects are located in southern Portugal.