French power producer acquires Portuguese solar parks

French power producer acquires Portuguese solar parks

Independent power producer Reden Solar is supporting Portugal’s ambitious renewable energy targets after announcing major investment in new solar park projects.

The French operator has acquired 50 MW of solar parks in Portugal and plans to develop new projects in the coming years. It has entered the Portuguese market due to favourable economic prospects and the country’s strong commitment to renewable energies.

Reden Solar President Thierry Carcel said: “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.

Around 68pc of Portugal’s energy mix is currently covered by renewables and the government is aiming for a share of 80pc.

Reden Solar is owned by Infravia and Eurazeo Patrimoine. The company has so far developed 330 MW of projects, including 180 MW under its direct ownership.