PLMJ advises on sale of largest solar power plant in Portugal without subsidised rates

PLMJ was responsible for providing legal advice to Welink Energy on the sale to Allianz Renewable Energy Partners of the photovoltaic solar power plant Solara4, located in Alcoutim in the Algarve.

In October last year, the firm also advised Welink Energy on the sale of the first Ourika! photovoltaic solar power plant already operating under the market system.  

The Solara4 plant should be completed in 2019 and, to date, it is the largest solar project without subsidised rates in Portugal. It will have the capacity to supply electricity to an average of around 23,000 households in the region.

The PLMJ team that worked on the operation was led by Diogo Perestrelo, a partner from PLMJ Corporate and M&A, and Guilherme Seabra Galante, a senior associate from the same practice area. The team was assisted by PLMJ Energy, which specialises in energy and natural resources and is led by managing associate Ana Oliveira Rocha.

“This is yet another transaction of which PLMJ is very proud. When completed, the Solara4 photovoltaic solar power plant will not need to be subsidised by consumers and it will allow us to use of one of our greatest energy assets, the sun. This project reinforces the position of Portugal on the radar of international investors wishing to leverage projects in the area of renewable energies, as well as the vast experience and consolidation in the market of PLMJ Energy” says Diogo Perestrelo.

This project includes the signing of a 20-year contract to purchase energy at a fixed price. The amounts involved are confidential.