Eurowind Energy, a Danish-based renewable energy project developer, announced the signing of a shares purchase agreement in August to acquire 11 solar projects with 5 MWac capacity each. Most of the projects are grouped in clusters of three (15 MW each), and all are in the Aveiro district in the center of Portugal.
The projects are currently in an advanced stage of development and are expected to reach the ready-to-build stage between Q3 2024 and Q2 2025. Insun is developing solar projects.
Currently, Eurowind Energy is conducting a tender process to award a contract for the balance of plant construction activities, including all the civil, mechanical, and electrical works and the grid interconnection lines.
The acquisition will materialize only for the projects that reach the ready-to-build stage, as per the agreement signed.
“The acquisition of the Aveiro PV projects is the result of hard work for the most part of one year, between our team and Insun. I’m glad that we had a long but smooth negotiation process thanks to both parties’ large experience in these kinds of deals. I’m thrilled about closing on this transaction and kicking off the construction of these projects within the end of this year,” states Joaquim Pinto, Eurowind Energy’s Country Manager for Portugal.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW were announced in 1H 2024 compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
Last week, OX2, a solar and energy storage project developer, announced the sale of two solar projects totaling 137 MWp/105 MWac to European Energy, a Danish renewable energy project developer. The deal includes project rights for the 106 MWp/80 MWac Lancaster solar in Victoria and the 31 MWp/25 MWac Mulwala solar in New South Wales.
