The three solar farms are located in Santarém, Portugal. Credit: Andres Siimon on Unsplash.

Statkraft has reached a power purchase agreement (PPA) with NextEnergy Capital’s solar fund NextPower III ESG in Portugal.

The green energy will be procured from three photovoltaic solar plants which are currently under construction, with an installed capacity of 210MW.

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Statkraft Spain and Portugal Origination director Tiago Thomaz said: “We are very pleased to become a reference in PPAs now also in the Portuguese market, acting as an engine of renewable investments that the country needs to meet its climate objectives.

“Thanks to agreements like this and partners like NextEnergy Capital, the energy transition can become a reality, acting on both supply and demand, by allowing large industrial consumers to be provided with clean and affordable energy.”

The three solar farms are owned by NextPower III ESG and located in the district of Santarém, in the municipalities of Cartaxo, Casal do Paul and Encarnado.

Once operational, the three renewable facilities will have the capacity to generate approximately 341GWh of clean electricity annually, sufficient to meet the annual power requirements of 98,000 homes in the region.

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NextPower III ESG managing director and head Filinto Martins said: “This deal is thought to be one of the largest power purchase agreement operations in the history of Portugal, and NextEnergy Capital is delighted with this landmark achievement.

“PPAs provide long-term certainty of cash flows and we are pleased to continue the long-standing successful relationship that we have developed alongside Statkraft.”

The two companies had previously signed a PPA for a 50MW Spanish solar asset owned by NextPower III ESG in 2022.