Spain-based renewable energy firm Exus Renewables has closed financing on a 130MW solar PV project in Portugal.
The financing came from the European arm of Japanese bank MUFG, acting as Sole Mandated Lead Arranger (MLA), Hedge Provider, Facility Agent, and Account Bank. Exus did not disclose the sum of the investment.
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Genoveva Ramon-Borja, managing director, head of EU GCIB Coverage at MUFG said: “This new financing reinforces MUFG´s commitment to supporting the renewable energy sector in Iberia and demonstrates our capabilities in delivering a fully integrated financing package with lending, hedging, agency, and account bank services.”
The Cibele solar project will span roughly 300 hectares in the Alentejo region of Portugal. Exus Energy acquired the project from UK-based developer Lightsource bp earlier this year, when it was ready to begin construction. The project is expected to begin operations next year, and at the time, Exus suggested it could co-locate a wind power plant at the site.
Portugal has a target to reach 21GW of operational solar energy capacity by 2030. The market has attracted major players in recent months, notably a 476MW deal for solar and wind power purchase agreements (PPA) between utility giant Iberdrola and tech firm Amazon.
Exus Renewables owns just over 2.5GW of renewable energy capacity across six European countries, with around 5.2GW under its management. Around 760MW of that capacity is in Portugal, the majority of which is solar PV. Its other leading markets are Spain, Italy and Poland, in each of which it owns or manages over 1GW of renewables capacity.
In July 2024, Spanish independent power producer BNZ appointed Exus as asset manager for its 350MW, 11-project solar portfolio in Spain.
