Lisbon, Portugal, December 19, 2024 – Akuo and MEAG announce the closing of the financing of the Margalha solar power plant in Alentejo, Portugal for 147 MWp. 

Akuo expands its renewable energy footprint in Portugal

Following the inauguration of the Santas solar power plant in September 2024, Margalha will be Akuo's second major solar power plant to operate in Portugal.

With an installed capacity of 147 MWp, the Margalha solar plant will help avoid the emission of more than 45,000 metrics tons of CO2 per year and help the city of Gavião (more than 4,000 inhabitants) turn into a positive energy municipality.

Already in construction, the Margalha solar tracker project represents a significant milestone in our commitment to a cleaner, more sustainable energy future in Portugal. Located in the Gavião area of Alentejo, a region renowned for its abundant sun yield.

Portugal emerges as a key player in EU’s renewable energy transition

Portugal's government has recently updated its energy and climate plan for 2030, raising its renewable energy capacity target by 50% to 42.8 GW. By 2030, renewables are expected to account for 85% of the country's power generation. The revised plan includes a target of 20.4 GW for photovoltaic energy, a significant increase from the current 2 GW of installed capacity.

Eric Scotto, President and co-founder of Akuo, states: "2024 marks the ramp-up of Akuo in Portugal and its further anchorage in the country. Since 2019, Akuo has been working hard, hands in hands with local and national stakeholders: today, we are overwhelmed to see our projects turning into reality and injecting electricity for the benefit of Portuguese citizens. MEAG is once again a key and trust worthy partner and I look forward continuing this Portuguese journey together".

Michael Wieser, Senior Investment Manager at MEAG, says : "Following the successful completion of Santas, also financed by MEAG, we are pleased and proud to further strengthen our cooperation with Akuo by acting as the sole financing party for Margalha. We would like to thank Akuo for their continued partnership and all parties involved in these two milestone projects".
 

About MEAG

MEAG is the asset manager of Munich Re. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €354bn, €63bn of which for non-Group investors.