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.
Popular content
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.”
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.