Swiss renewables investor Smartenergy has acquired a majority stake in Rewatt, a Portuguese solar developer focused on the rooftop commercial and industrial (C&I) market.
The Swiss investor will bring its knowledge in large-scale renewables investment to increase Rewatt’s client base to larger corporate consumers.
The other segment both companies will look to expand in is community solar in Portugal, which has benefitted from new regulations that enable attractive business models, according to Smartenergy.
For now, the focus will mainly be aimed at Portugal, with an expansion in Europe afterwards.
The push into C&I solar in Portugal comes months after the new Portuguese government brought forward its 80% renewables target by 2026, four years earlier than previously planned.
Ricardo Meireles, CEO of Rewatt, said: “This partnership with Smartenergy brings to Rewatt a new capacity and a new dynamic to develop its business. Leaving the comfort zone and expanding throughout Europe, positioning itself not only close to small consumers but also to large corporate consumers, are the steps that were already outlined, but with this partnership its implementation will accelerate.”