Sustainable Development Capital (SDCL) has acquired a 68MW behind-the-meter solar portfolio in Iberia, on behalf of its Global Energy Transition Fund (GETF). The price was not disclosed.
The commercial and industrial solar portfolio, developed by Capwatt, one of the leading energy platforms in Portugal, comprises a portfolio of both operational, under-construction assets and development assets.
The acquisition represents GETF’s first investment in the Iberian solar market, with the goal of scaling its commercial and industrial solar platform, with an additional €100m earmarked for deployment over the next year. It also provides GETF with immediate exposure to high yielding assets and strong strategic value in a key European energy transition market, the investor said.
Capwatt, part of the Prismore Capital Group, will retain a strategic role as developer, operator and asset manager. The projects span sectors including manufacturing, food and beverage, packaging and construction materials, supported by long-term power purchase agreements.
GETF raised €650m at final close in October 2023 and has committed over 75% to date into energy infrastructure projects and companies. GETF also benefits from support from the European Union under the InvestEU Fund.
Jonathan Maxwell, CEO of Sustainable Development Capital, said: “We are delighted to be partnering with Capwatt on this exciting transaction, which will provide great exposure for GETF to one of Europe’s key energy transition markets. The scale of the portfolio underscores the strong opportunities for commercial and industrial energy efficiency solutions in southern Europe, and we look forward to growing our platform in the region.”
Miguel Gil Mata, CEO of Prismore Capital, said: “This partnership represents a strategic milestone in Capwatt’s growth journey, strengthening its position as a leading developer of sustainable energy solutions in the Iberian Peninsula. SDCL’s investment reflects strong confidence in the quality and long-term value of our projects, as well as in Capwatt’s capability to develop and manage high-performance assets that drive the energy transition. It also lays the foundation for a long-term partnership that will accelerate the deployment of sustainable energy solutions across the region.”
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