Madrid, June 2023 – We are pleased to announce the closing of Project Luso, the sale by European developer RP Global of a solar portfolio to a Portuguese-based independent fund manager active in the infrastructure and energy sector. The closing took place in June 2023.
RP Global is a large-scale developer with 35+ years of experience in the renewable energy sector and a strong presence in Europe. Astris advised RP Global on the sale of a 41 MW portfolio of small-size solar PV projects known as Unidades de Pequena Produção (UPPs) in Portugal.
There is significant pressure to implement more installed renewable capacity in Portugal, in order to meet the European targets. This has led to an increasing number of transactions in which local developers syndicate or fully divest their stake in their development portfolio to financial or strategic investors, typically at the “Ready-to-Build" stage (RtB).
The Portuguese market is particularly suited to this type of partnership, given the high local hurdles that must be overcome to bring projects to RtB, especially in terms of land availability, permitting processes and grid access.
This transaction further enhances Astris’s strong track record in the renewable sector in Portugal, where we have been advising on four equity and financing transactions over the last 12 months.
Astris Finance acted as exclusive financial advisor to RP Global.