In a strategic move to expand its presence in the renewable energy sector, Greenvolt Power, a Portuguese energy company, has successfully sold two major solar projects to Polish electric utility Energa Wytwarzanie. The combined capacity of the projects stands at an impressive 32MW, showcasing Greenvolt's commitment to the development of high-quality renewable energy ventures.
The Opalencia project, comprising three solar parks with a collective capacity of 22MW, and the Sompolno facility, a hybrid project with a 26MW wind capacity and a 10MW solar capacity, are both situated in Poland. Notably, both projects are still under construction, with the Sompolno plant expected to be completed by the end of this year, and the Opalencia project scheduled for completion in June 2024.
See also: Greenvolt Secures €200m Bond Conversion with KKR Global Infrastructure Fund Investment
Greenvolt's CEO, João Manso Neto, expressed pride in the company's innovative solutions that maximize production capacity, a key factor that appealed to Energa Wytwarzanie as the buyer. The acquisition marks Greenvolt's latest involvement in the Portuguese solar sector, following a recent 50% stake acquisition in a 243MW project under development by renowned renewable developer Infraventus. Moreover, Greenvolt's portfolio boasts an additional 240MW of solar power projects currently in construction, signaling the company's dedication to continued growth after a successful and profitable 2022.
Financially, Greenvolt has displayed remarkable progress, as indicated by its financial statements, which reported a total EBITDA of €91.9 million (US$101.5 million) in 2022, almost double the previous year's €56.5 million.
See also: Statkraft Announces Ambitious Plans to Develop 2GW of Wind and Solar Capacity in Germany
The investment in new solar projects comes at an opportune time, with solar demand steadily rising across Europe. Industry experts like SolarPower Europe forecast the installed capacity of European solar projects to reach 262GW by the end of the next year and a further increase to 484GW by 2026. This growing demand has further encouraged Greenvolt's commitment to bolstering their investment in solar power.
Greenvolt's CEO, Manso Neto, acknowledged the surging appetite for renewable energy projects the company develops, signifying a positive outlook for the industry.
