Portuguese energy company Greenvolt Power has sold two renewable power projects to Polish electric utility Energa Wytwarzanie, with a total solar capacity of 32MW.
The two projects are the Opalencia project, which consists of three solar parks with a combined capacity of 22MW, and the Sompolno facility, a hybrid project with a wind capacity of 26MW and a solar capacity of 10MW.
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Greenvolt began construction on both projects, which are in Poland, last October, and both are still under construction. The company expects construction at the Sompolno plant to be completed by the end of this year, and construction at the Opalencia project to be completed in June 2024.
“These two projects, now in the final stages of construction, are an excellent example of the Greenvolt Group’s ability to develop high quality renewable energy projects, with innovative solutions that maximise production capacity, which is valued by buyers, in this case, by Energa”, said João Manso Neto, CEO of the Greenvolt Group, of which Greenvolt Power is a subsidiary.
The deal is Greenvolt’s latest in the Portuguese solar sector, following its acquisition of a 50% stake in a 243MW project currently being developed by Portuguese renewable developer Infraventus. Greenvolt’s portfolio also includes a further 240MW of solar power under construction as the company looks to continue its growth following a profitable 2022.
According to Greenvolt’s financial statements, the company posted a total EBITDA of €91.9 million (US$101.5 million) in 2022, almost double those of €56.5 million the previous year.
This is also a sensible time to invest in new solar projects, with demand for solar growing across Europe. SolarPower Europe expects the installed capacity of European solar power projects to reach 262GW by the end of next year, and increase to 484GW by 2026, and this demand has encouraged Greenvolt to invest more heavily in solar power.
“We are witnessing a growing appetite for the renewable energy projects that we develop,” added Manso Neto.
The news follows Spanish bank Banco Santander committing €128 million for five new solar plants owned by Opdenergy, another significant investment into European solar power.
