Exus Renewables, a global leader in renewable energy, has acquired the 130MWp Cibele solar farm in Portugal from Lightsource bp. The project, ready for construction, is situated in the Rio Maior and Cadaval municipalities. This acquisition strengthens Exus’ presence in Iberia, adding to its portfolio alongside the 51MW Cascante wind farm in Spain, which is currently under construction and set to begin operations in 2025. Construction of the Cibele solar farm is expected to start soon, with operations planned for 2026. The site’s location also allows for the future addition of wind energy, aligning with Exus’ focus on hybrid renewable projects.
Victor López, Head of M&A at Exus Renewables, mentioned, 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. 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 stated, “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 further 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”.
Exus Renewables brings extensive expertise in developing, building, and managing renewable energy projects in Portugal, including both owned and third-party assets. Currently, the team is working on 200 MW of wind and solar developments, with 70 MW under construction and 130MW already operational. Across Europe, Exus manages over 6GW of renewable energy assets and plans to grow further by acquiring and managing new projects.
Solar energy plays a vital role in Portugal’s plan to expand renewable capacity to 20GW by 2030. Exus’ latest solar project will contribute to achieving this goal and advancing the country’s renewable energy targets. Cuatrecasas provided legal advice to Exus for this deal, while Mott MacDonald served as technical advisor. Lightsource bp was supported by Capcora for financial advice, PLMJ for legal guidance, and Enertis on technical matters.
