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Sonnedix, an independent power producer, acquired 262 MW solar PV projects in Portugal. The portfolio comprises seven ground-mounted projects under construction or late-stage development with a cumulative capacity of 262 MW throughout the country.

The financial details of the deal have not been disclosed.

The projects are expected to begin operations in the second half of the following year and the first half of 2024. Once the projects are operational, they will be eligible for a feed-in tariff from the Gestore dei Servizi Energetici.

This acquisition marks Sonnedix’s entry into the market in Portugal. Sonnedix has a total capacity of nearly 8 GW worldwide, including a development pipeline of more than 5 GW.

“This feat demonstrates our long-term commitment to the Iberian Peninsula, which is currently being seen as an energy powerhouse in Europe,” said Axel Thiemann, CEO of Sonnedix. “It’s a very exciting moment in the industry, and we have all intentions to become a true leader in the energy transition by expanding our presence in Portugal.”

“We have a responsibility to supply clean and affordable electricity to our communities which is a fundamental need,” said Carlos Guinand, Executive Chairman of Sonnedix. “We want to help Portugal reach its renewable power targets, and I am very proud of our team for their efforts to take them there.”

In June last year, Sonnedix acquired a 300 MW solar PV portfolio in Spain from RIC Energy.

According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, in 9M 2022, there were 207 project acquisitions for 52 GW compared to 200 projects acquired for 55.5 GW in 9M 2021. Harrison Street, an investment management firm, recently acquired a 28 MW solar project from Soltage, a solar project developer and independent power producer. The solar project is in Warren County, Ohio, on land owned by the Cincinnati Zoo in the PJM power market.

Allianz Capital Partners, an asset manager, recently acquired the 147 MW Galloway 2 Solar Project from Avantus (formerly 8minute), an independent solar power developer in Texas. CIT arranged construction financing.