Eurowind Energy, a renewable energy developer based in Denmark, has entered into a shares purchase agreement for a 55MW solar portfolio that is currently being constructed in Portugal.
The portfolio will comprise 11 PV projects, each with a capacity of 5MW, predominantly grouped in clusters of three projects each. Situated in the Aveiro district in northwest Portugal, these projects, upon completion, will nearly double Eurowind’s existing PV capacity in the country to around 120MW.
Insun, a Portuguese company, is handling the development work for the projects, and Eurowind anticipates that all projects will reach the ready-to-build phase by the second quarter of the upcoming year. The agreement will be formally concluded once the initial cluster of three projects advances to the ready-to-build phase. Eurowind’s management is confident that this milestone will be achieved by the year’s end.
“The acquisition of the Aveiro PV projects is the culmination of nearly a year of dedicated effort by our team and Insun,” stated Joaquim Pinto, the Country Manager for Portugal at Eurowind. “I am pleased that the negotiation process, although lengthy, was seamless, thanks to the extensive experience of both parties in such transactions. I am excited to finalize this deal and commence construction on these projects by the end of this year.”
Within Portugal, Eurowind’s project presence encompasses the 22MW Triana project, which commenced commercial operations in 2022. Although Eurowind has not disclosed the technical specifics of its recent acquisition, the company revealed that it had secured a contract to procure bifacial modules from the renowned Chinese manufacturer LONGi for the Triana project in 2023.
In Portugal, the renewable energy industry has shown steady growth in recent years, highlighted by grid operator Redes EnergĂ©ticas Nacionais (REN) reporting that clean energy made up 61% of the nation’s energy consumption in 2023. Despite this progress, wind power remains the primary source of clean energy production. To align with the government’s 2030 goals, the solar sector must expand rapidly to bridge the gap.
In the most recent version of its National Energy and Climate Plan (NECP), the government targets achieving an installed solar capacity of 8.4GW by the conclusion of the upcoming year, with plans for substantial growth to reach 20.4GW by the end of the decade.
EDP Renováveis, a prominent Portuguese utility company, has emerged as a key player in the renewable energy sector. The company recently completed a solar-plus-wind hybrid project, along with its largest solar venture in Portugal, marking a significant milestone in its portfolio for the current year.
