French IPP Reden Solar has acquired several existing PV power plants in Portugal, representing a total capacity of 50MW.
The firm, which already has a strong presence in France and Latin America, also plans to develop new projects in Portugal in the coming years.
Thierry Carcel, president of Reden Solar, said: “This transaction marks a key milestone in the deployment of the new strategy launched by our Group a year ago with the arrival of two new key shareholders, INFRAVIA and EURAZEO Patrimoine.
“The choice of Portugal is also part of the ambitious approach taken by the State in the promotion and development of the renewable energy sector. Its commitments are now turned into action and their continued implementation plays a key role in investor confidence. Where, following the 2008 crisis, other countries have retroactively challenged their tariffs and caused the long-term departure of investors, the Portuguese government has managed to cope with the extremely difficult economic situation, hence his current credibility. “
To date Reden Solar has developed 330MW of project capacity, including 180 MW under its direct ownership. The company is involved in numerous projects at various stages of development or construction representing more than 350MW.