Sustainable Development Capital LLP (SDCL) has acquired a 68MW behind-the-meter solar portfolio in Iberia on behalf of its Global Energy Transition Fund (GETF). The commercial and industrial portfolio, developed by Capwatt — one of Portugal’s leading energy platforms — includes operational assets, projects under construction, and a pipeline of development sites.
The transaction marks GETF’s first investment in the Iberian solar market and forms part of its strategy to scale its commercial and industrial solar platform, with plans to deploy more than €100 million over the next year. The acquisition provides GETF with immediate access to high-yield assets and strong strategic value in one of Europe’s most important energy transition regions.
Capwatt, part of the Prismore Capital Group, will continue to play a strategic role as developer, operator, and asset manager. The projects span a range of sectors, including manufacturing, food and beverage, packaging, and construction materials, supported by long-term power purchase agreements.
GETF closed at €650 million (US$681 million) in October 2023 and has since committed over 75% of its capital to energy infrastructure projects and companies. The fund also benefits from backing by the European Union through the InvestEU Fund.
Jonathan Maxwell, CEO of Sustainable Development Capital LLP, said: “We are delighted to be partnering with Capwatt on this exciting transaction, which will provide great exposure for GETF to one of Europe’s key energy transition markets. The scale of the portfolio underscores the strong opportunities for commercial and industrial energy efficiency solutions in southern Europe, and we look forward to growing our platform in the region.”
Miguel Gil Mata, CEO of Prismore Capital, said: “This partnership represents a strategic milestone in Capwatt’s growth journey, strengthening its position as a leading developer of sustainable energy solutions in the Iberian Peninsula. SDCL’s investment reflects strong confidence in the quality and long-term value of our projects, as well as in Capwatt’s capability to develop and manage high-performance assets that drive the energy transition. It also lays the foundation for a long-term partnership that will accelerate the deployment of sustainable energy solutions across the region.”
