Edisun Power invests in 23 MW solar PV project in Portugal

Edisun Power signed the contracts to buy one 23 MW photovoltaic construction project in Portugal from Swiss company Smartenergy Invest AG.

Construction of the project will begin in 2019, and it is scheduled to be connected to the grid in the first half of 2020. The project is expected to realize a net result of CHF1 million (US$1 million) annually beginning in 2020.

The plant will cover an area of ​​more than 54 hectares by means of uniaxial tracking modules that would produce around 46 million kilowatt hours of electricity annually, which is the annual requirement of a city with approximately 12,000 inhabitants. The produced energy will be sold on the market without government subsidies.

The acquisition will be covered by existing funds, project financing and by a capital increase through contribution in kind. Edisun Power is issuing 80,715 shares from authorized capital, resulting in Smartenergy holding a 13.6% share in Edisun upon completion of the transaction.