Portugal: Exus Renewables acquires Lightsource bp’s 130MWp Cibele Portuguese solar farm

Exus Renewables, a global leader in renewable energy, has announced the acquisition of the 130MWp ready-to-build Cibele solar farm, located in the municipalities of Rio Maior and Cadaval in Portugal, from Lightsource bp, a global leader in the development and management of utility-scale onshore renewable energy projects.

The project represents another substantial addition to Exus’ expanding renewable energy footprint in Iberia, following the acquisition of the Cascante 51MW Spanish wind farm earlier this year, which is under construction and will become operational in 2025.

Construction is slated to begin in the coming months, and the facility is scheduled to enter operation in 2026. The strategic location of the solar farm means a wind component can be added at a later date, further enhancing Exus’ hybridisation capabilities and ambitions.

“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,” said Victor López, Head of M&A at Exus Renewables. “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.”

Miguel Lobo, Country Head for Portugal at Lightsource bp said: “We are pleased with the outcome of this operation in collaboration with Exus, as transactions of this kind are a clear demonstration of how partnerships between renewable energy developers and investors can play a vital role in advancing the energy transition. This operation will allow Lightsource bp to continue to grow, further expanding our investment reach to a greater number of projects.”

He also added: “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 2.5 GW of capacity. Many of these projects are in advanced licensing stages and we aim to start construction on a few of them in the near future. Portugal is a priority market for Lightsource bp and a key contributor to the expansion of the company in Europe”.

Solar is a key part of Portugal’s renewable energy strategy, which aims to increase capacity to 20GW by 2030. The development of Exus’ latest solar facility will help drive Portugal’s solar ambitions in meeting its 2030 renewable energy targets.

Cuatrecasas acted as legal advisor on the deal, while Mott MacDonald acted as technical advisor. Lightsource bp was advised on financial matters by Capcora, with PLMJ as its legal advisor and Enertis on technical aspects.