Exus manages 200MW of wind and solar projects in development, 70MW under construction and 130MW operational in Portugal. Credit: Lightsource bp Renewable Energy Investments Limited.

Exus Renewables has acquired the 130MWp Cibele solar farm, located in Portugal, from Lightsource bp.

The solar farm, situated in the municipalities of Rio Maior and Cadaval, is a ready-to-build project to enhance Exus’ renewable energy portfolio in the Iberian Peninsula.

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The project will begin construction in early 2025, with operations scheduled to commence in 2026.

Its positioning of the solar farm allows for the potential addition of a wind component in the future, aligning with Exus’ hybridisation strategy.

Exus Renewables mergers and acquisitions head Victor López stated: “This acquisition marks a significant step forward in Exus’ journey to becoming a leading global independent power producer and further enhances our renewable energy asset portfolio in Europe.

“Lightsource bp has done an impressive job of laying the initial groundwork for the development of the Cibele solar farm, and we’re excited to be taking on its construction and subsequent operation. The project will enable us to continue making smart investment decisions while delivering on our mission to create a greener and more sustainable future for all.”

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The development of the Cibele solar facility will contribute to Portugal’s renewable energy target of 20GW capacity by 2030.

Lightsource bp Portugal country head Miguel Lobo stated: “Lightsource bp is committed to driving the growth of renewable energy in Portugal, with a robust portfolio of projects at different stages of development and currently exceeding 2.5GW of capacity.

“Many of these projects are in advanced licensing stages and we aim to start construction on a few of them soon. Portugal is a priority market for Lightsource bp and a key contributor to the expansion of the company in Europe.”

The Cibele solar farm acquisition follows Exus’ earlier purchase of the 51MW Cascante wind farm in Spain. The wind farm, currently under construction, is anticipated to commence operations in 2025.

Exus has a portfolio of 200MW of wind and solar assets in development, a further 70MW under construction and 130MW already operational in Portugal.

The company manages 6GW of renewable energy assets across Europe and has plans to further expand by acquiring and managing more projects.

Legal advisory services for the transaction were provided by Cuatrecasas, with Mott MacDonald offering technical advice.

Lightsource bp’s financial matters were handled by Capcora, legal counsel by PLMJ and technical consulting by Enertis.