Nordic Solar buys 48.5-MWp solar park in Portugal from Chint

Danish energy company Nordic Solar said today it has closed the acquisition of a 48.5-MWp solar project in Portugal from Chinese developer Chint Solar, without providing financial details.

Following the deal, the construction of the Insua photovoltaic (PV) park has commenced at the site in Alentejo region. Once up and running, it will become the largest one in Nordic Solar’s portfolio that currently includes 230 MWp of solar farms in operation across Europe.

Insua is a fully-merchant project. Nevertheless, its new owner said that it intends to sign a power purchase agreement (PPA) for the power output, which is expected to be enough to cover the consumption of around 25,000 households.

Nordic Solar and Chint Solar will partner during the construction process.

In addition to development projects in Spain, Italy, and Greece, Nordic Solar has a 500-MW-plus pipeline of shovel-ready projects and co-development schemes, the company noted. “With a diversified and risk-resistant portfolio across many European markets, we strive to be the preferred solar energy company for Nordic investors,” commented CEO Nikolaj Holtet Hoff.

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