The project is located in the municipalities of Rio Maior and Cadaval in Portugal, a strategic location should Exus wish to add a wind component at a later date.

Construction is slated to begin in the coming months, and the facility is scheduled to enter operation in 2026.

The announcement follows the recent acquisition of the Cascante 51MW Spanish wind farm, which is under construction and will become operational in 2025.

Victor López, head of M&A at Exus Renewables, commented in a statement: “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 said: “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.”

Exus has extensive experience and expertise in developing, constructing, and operating both owned and third-party assets in Portugal. The team in Portugal is currently developing 200MW of wind and solar assets, with additional 70MW under construction, and 130MW already operational.

Solar is a key part of Portugal’s renewable energy strategy, which aims to increase capacity to 20GW by 2030.