R.Power, which is one of the largest developers of solar farms in Poland, has announced another investment in Portugal. Under the contract signed, the company has acquired a portfolio of photovoltaic (PV) power plant investments with a capacity of 59 MWp. The value of the entire investment after construction is to be approximately PLN 160 million (EUR 35.4 million). The transaction makes R.Power one of the largest Polish investors in Portugal. The total capacity of the plants that the company will own in the country will reach almost 70 MWp, which is approximately 7% of the total PV power plant potential in Portugal.
The plants are located in different parts of the country, including the following districts: Santarém, Portalegre, and Castelo Branco. They will generate around 100 GWh of electricity per year – enough to meet the electricity needs of nearly 30 000 households. The projected reduction in CO2 emissions will exceed 21 000 tpy, which is the equivalent of 16 000 new cars. All investments are expected to reach the construction-ready status in 2021, with construction to begin in 2022. The power they produce will be sold under long-term PPAs (Power Purchase Agreements) without using the support system.
“Portugal, with one of the highest levels of sunshine in Europe, is a natural destination for us. It is a market that allows for the construction of plants without any subsidies, which is why we are planning intensive development there. We are currently looking for new investments and are recruiting for several key positions", says Przemek Pieta, Co-founder and CEO of R.Power. "Our current strategy is based not only on acquiring and developing PV investments, but also on building our own portfolio of solar farms as an independent power producer” he adds.
Solar energy is a growing source of energy in Portugal's energy mix. At the end of 2020, the country's installed PV capacity was 1.03 GWp, accounting for 3.6% of total energy production. Portugal aims to achieve 6.4 GWp of total installed solar capacity by 2023 and 9 GWp by 2030.
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