Construction of the plant in northeastern Portugal is slated to begin this year and be completed in the first half of 2020, Edisun Power said earlier this week. Once up and running, it will be able to generate about 80 million kWh of electricity, which will be sold through power purchase agreements (PPAs).
In order to finance the project, Edisun will use existing funds and debt and it will also issue shares to Smartenergy, so the latter will take a 13.6% stake in Edisun.
Subject to market conditions, the acquisition is expected to close in the second quarter of the year. Edisun Power noted this will be its second deal with Smartenergy after it acquired from it a 12-MW solar project in Valencia, Spain, in 2017. The plant was connected to the grid in March 2018.