Greenvolt eyes hybrid solar project

The renewables energy company Greenvolt, now controlled by the US fund KKR, is considering taking part in a government-led electrical energy storage systems auction to be launched in the coming weeks.

The energy storage systems are part of a strategy to avoid the results of Portugal’s great blackout earlier this year which saw the country’s economy losing an estimated €20Bn in one day.

Anticipating success in the auction, Greenvolt is carrying out a capital raise for €150 million to help finance the necessary preparations.

“We are studying the possibility of taking part in the auction (announced by the government) to hybridize solar projects that we already have in our portfolio”, João Manso Neto, the CEO and founder of Greenvolt told the business daily Negócios.

In practice, it means adding power storage systems at pre-existing solar farms that the company owns in Portugal.

The government is to launch a battery storage system service project on the market with an attendant auction to contract the supply of at least 750 MVA (Megavolt-ampere) by January, 2026, according to the Secretary of State for Energy, Jean Barroca.

The aim is to have sufficient storage capacity for electricity to be injected into the network if needs be, thereby boosting Portugal’s electric storage and supply systems and avoiding the kind of energy crisis Portugal faced on April 28.