Swiss company Smartenergy Invest AG has sold a 49 MW solar power project it is developing in northeastern Portugal to compatriot solar power producer Edisun Power for an undisclosed sum.
Edisun said in a press release the project will be part financed through a capital fundraising, after which Smartenergy will hold a 13.6% stake in the purchaser. “The transaction marks not only a further important milestone in the development of the group but also, with the involvement of Smartenergy Invest AG, a clear sign of continued commitment to growth,” said the buyer.
Edisun did not reveal the exact location of the project but said it hopes to conclude a PPA with fixed price purchase commitments soon, to provide income for the initial years of operation. “From 2020 onwards, the project will realize a net result of around CHF1 million ($999,000) on an annualized basis,” Edisun said.
Construction is scheduled to start this year, with completion planned for the first half of 2020.
In February 2017, Edisun Power bought a now-operational 12 MW solar project near Valencia in Spain from Smartenergy.
Credit line for Cubico
Elsewhere in Portugal, British renewable energy infrastructure company Cubico Sustainable Investments announced it has borrowed €85 million ($97 million) to finance 29.4 MW of solar projects in the nation.
The company said the credit line achieved financial close for the 22.6 MW Avalades and Ferreiras PV plants in southern Portugal recently acquired from a company backed by Glennmont Partners, with both having feed-in tariffs awarded in 2011. Cubico added, a €20 million slice of the credit will be used for the acquisition of a 6.8 MW project, also in the south, which the investor expects to take over soon.
“We are very pleased to have closed this non-recourse financing in Portugal as part of the expansion of our portfolio in the Iberian peninsula,” said David Swindin, head of Europe, the Middle East and Africa markets at Cubico. “We look forward to further acquisitions in the coming period.”