SDCL has acquired a 68MW behind-the-meter solar portfolio in Iberia on behalf of its Global Energy Transition Fund, according to the company.
It said the commercial and industrial portfolio was developed by Capwatt and includes operational, under-construction and development assets.
SDCL said the deal marks the fund’s first investment in the Iberian solar market and will support plans to deploy more than €100m over the next year.
It added that the acquisition gives the fund immediate exposure to high-yield assets and strategic value in a key European energy transition market.
Capwatt, part of the Prismore Capital Group, will continue as developer, operator and asset manager, SDCL said.
The portfolio spans sectors including manufacturing, food and beverage, packaging and construction materials and is backed by long-term power purchase agreements.
SDCL said the Global Energy Transition Fund raised €650m at final close in October 2023 and has committed more than 75% to date, supported by the EU’s InvestEU Fund.
Jonathan Maxwell (pictured), CEO of Sustainable Development Capital LLP, said: “We are delighted to be partnering with Capwatt on this exciting transaction, which will provide great exposure for GETF to one of Europe’s key energy transition markets.”
He said: “The scale of the portfolio underscores the strong opportunities for commercial and industrial energy efficiency solutions in southern Europe, and we look forward to growing our platform in the region.”
Miguel Gil Mata, CEO of Prismore Capital, said: “This partnership represents a strategic milestone in Capwatt’s growth journey, strengthening its position as a leading developer of sustainable energy solutions in the Iberian Peninsula.”
He said: “SDCL’s investment reflects strong confidence in the quality and long-term value of our projects, as well as in Capwatt’s capability to develop and manage high-performance assets that drive the energy transition.”
He added: “It also lays the foundation for a long-term partnership that will accelerate the deployment of sustainable energy solutions across the region.”