Sonnedix has acquired a 49MW portfolio of solar PV plants in Portugal, marking its first operational assets in the country. This acquisition is an important milestone in its mission to deliver clean, secure and affordable energy across Iberia.
The 49MW portfolio of four solar PV plants has been acquired from global renewable energy developer Cubico Sustainable Investments (“Cubico”). 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 acquisition demonstrates Sonnedix’s growing footprint in Portugal, enabling scale efficiencies and improved use of resources. Already in operation, the 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 capitalise on synergies to continue its growth journey in the region, helping us become a true leader in the Portuguese renewables market.”
Having entered the market in late 2022, the acquired 49MW of operating capacity complements Sonnedix’s existing portfolio of renewable energy projects in Portugal, which includes 172.7MW under construction and a further development pipeline of 51.5MW.
Sonnedix’s first project to start construction in the Portuguese market, 149MW Sonnedix Douro in Tarouca, northern Portugal, is Sonnedix’s largest solar PV project in Europe. Construction was launched in [late] 2023 and is estimated to be completed by the end of 2024, bringing operating capacity in the market to almost 200MW this year. Sonnedix Douro will supply digital infrastructure company Equinix with renewable electricity from July 2025 as part of a 10-year pay-as-produced power purchase agreement (PPA) signed by the two companies in December 2023.