REDEN Solar Enters the Portuguese Solar Market
REDEN Solar, a solar IPP from France, has acquired several existing photovoltaic power plants in Portugal, representing a total capacity of 50 MW. The French Solar project developer also announced plans to develop new projects in the country in the coming years.
The company, which already has a strong presence in France and Latin America, said it has chosen to continue its European development in Portugal, due to favorable economic prospects and the country's strong commitment to renewable energies. Thanks to the continued support of successive governments in recent years, renewable energy now accounts for 68 percent of the country's energy mix, making Portugal one of the countries with the highest renewable energy penetration worldwide.
This commitment to green energy is confirmed by the stated objective of the current government to reach 80 percent of renewable energy in the energy mix thanks to the development of photovoltaic energy.
Thierry Carcel, President of REDEN Solar, said, "This transaction marks a key milestone in the deployment of the new strategy launched by our group a year ago with the arrival of two new key shareholders, INFRAVIA and EURAZEO Patrimoine. Our objective is to invest to develop our activities in France and around the world by fully exploiting the Group's potential. 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. Where, following the 2008 crisis, other countries have retroactively challenged their tariffs and caused the long-term departure of investors, the Portuguese government has managed to cope with the extremely difficult economic situation, hence his current credibility."