Sonnedix has acquired a 49MW portfolio of solar farms in Portugal, marking its first operational assets in the country.
The portfolio of four photovoltaic projects has been acquired from global renewable energy developer Cubico Sustainable Investments.
The projects, which were all brought into operation between 2012 and 2014, are located across southern Portugal in the regions of Evora, Setubal and Faro.
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, added: “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 capitalise on synergies to continue its growth journey in the region, helping us become a true leader in the Portuguese renewables market.”