500 MWp Solar PV Project

The Project is a single-asset solar photovoltaic (PV) development located in Southern Portugal, targeting a cumulative installed capacity of 500 MWp and a weighted average specific yield of approximately 1,704 kWh/kWp.

The project combines a substantial land position, an executed Grid Contract Agreement (GCA) with REN, and flexibility in future electricity sales, with co-located battery energy storage potential.

Key Investment Highlights

Grid Connection Secured

The Grid Contract Agreement was executed with REN in October 2023. The perpetual grid connection is expandable up to 420 MWn.

Strategic Land Position

More than 830 hectares of buildable land have been secured on plots directly adjacent to the Divor substation, supporting minimal interconnection costs.

Flexible Power Sales Strategy

The subsidy-free project allows for a merchant, Power Purchase Agreement (PPA), or hybrid revenue approach as it approaches commercial operation.

Battery Storage Potential

Co-located battery storage is contractually obligated. A sizing and viability analysis for the inclusion of up to 200 MW of battery energy storage system (BESS) provision was underway according to the source document.

Development Timeline

1. October 2023 — Grid Agreement Executed

   Grid Contract Agreement executed with REN.

2. Q1 2026 — Environmental Licence (DIA)

   Approval was projected for this period in the original source document. Current status requires confirmation.

3. 2027 — Ready-to-Build Target

   Target development milestone as stated in the original source document.