Sonnedix, an independent solar power producer, announced the acquisition of a 49 MW portfolio of solar projects in Portugal from Cubico Sustainable Investments (Cubico). All the projects that were brought into operation between 2012 and 2014 are located across southern Portugal in the regions of Evora, Setubal, and Faro.
The already-in-operation portfolio adds immediate capacity without permitting and construction risk. The whole portfolio is backed by the Portuguese government through a feed-in-tariff (‘FiT’) scheme, which provides long-term revenue certainty and mitigates risk by protecting Sonnedix against price volatility.
Sonnedix’s Head of Growth for Southern Europe, Mario Volpe, said: “This operational acquisition represents a step change in Sonnedix’s activity in the Portuguese market to date, delivering immediate operational capacity and secure, visible revenues via the feed-in tariff scheme. It supports our ongoing strategy in Portugal, where the focus is on converting our significant pipeline and continuing to grow our portfolio of high-quality renewable energy assets in order to deliver green, flexible, and secure energy to the grid.”
Sonnedix’s CEO, Axel Thiemann, said: “Portugal is an attractive market for renewable energy providers with its regulatory framework setting a stable investment signal. Through our existing projects in Iberia, Sonnedix is well-placed to leverage and capitalize on synergies to continue its growth journey in the region, helping us become a true leader in the Portuguese renewables market.”
According to Mercom’s Annual and Q4 2023 Solar Funding and M&A report shows 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.
Standard Solar, a solar energy company specializing in developing and financing solar electric systems, acquired an 84 MW community solar portfolio in Illinois from New Leaf Energy. The portfolio consists of three sets of community solar gardens in Illinois: six sites with a capacity of approximately 47 MW, four sites totaling 12 MW, and four sites representing 25 MW.
