REDEN Solar Enters The Portuguese Market
REDEN Solar, a solar IPP from France, has just 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.
REDEN Solar, which already has a strong presence in France and Latin America, has chosen to continue its European development in Portugal, due to favourable 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% 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% 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. "
REDEN Solar is celebrating its 10th anniversary this year, including a year of solid collaboration with its new shareholders, INFRAVIA and EURAZEO Patrimoine. The group is deployed in France and abroad as a pure player by covering and controlling the entire value chain; from development to the holding and operation of solar power plants. The facilities developed to date by REDEN Solar represent a cumulative capacity of 330 MW, including 180 MW under its direct ownership. The company is involved in numerous projects at various stages of development or construction representing more than 350 MW, and the company's ambition is to continue to significantly increase its production capacity in the coming years.