Neoen announces that it has been awarded a solar project with a total capacity of 50MVA (around 65MW) in the recent tender held by the Portuguese government. This photovoltaic power plant is located close to the town of Rio Maior, 70 km north of Lisbon.
The project wholly owned by Neoen holds a 15-year PPA with the Portuguese government at a non-inflated price of €23.47 per MWh. Every year the power plant will generate 130GWh, equivalent to the average annual consumption of a town of 28,000 inhabitants. Construction of the solar project will begin in 2021, with the plant due to enter service in early 2022.
Bernardo Dos Santos, director of Neoen Portugal, commented: "In 2010, Neoen was the biggest winner in the previous call for tenders held by the government, and has since demonstrated its ability to see the projects it won through to fruition. With this latest success, Neoen is proud to have shown its genuinely local credentials, its desire to invest in Portugal over the long term and its ability to harness photovoltaic energy to promote the shift to cleaner power and the country's drive for greater competitiveness."
Xavier Barbaro, Neoen's Chairman and Chief Executive Officer, added: "We are delighted to be speeding up our expansion in Portugal. Ever since 2010, we have clearly understood the country’s tremendous potential, and the value of the local presence we have built over the past nine years is now shining through. In this call for tenders, we demonstrated our ability to seize a growth opportunity while minimizing the related risks by capitalizing on our previous experience. This patient approach, the trust we have built with our local partners and our consistently disciplined and rational thinking laid the foundations for us to win this project on a highly attractive profitability and viability basis."