Portuguese renewable-energy developer Capwatt, controlled by the Azevedo family, has completed the sale of a 68 MW behind-the-meter solar portfolio in Portugal and Spain to the Global Energy Transition Fund (GETF), managed by UK-based Sustainable Development Capital LLP (SDCL).
The transaction marks GETF’s first investment in the Iberian Peninsula and forms part of its strategy to deploy more than €100 million in commercial and industrial solar projects across the region over the next year.
Despite divesting ownership, Capwatt will continue to lead project development, operations, and asset management, underlining its long-term role in the portfolio’s growth. The assets include operating installations, ongoing construction projects, and pipeline developments across industrial sectors such as food processing, packaging, construction materials, and agri-industry. All projects are supported by long-term power-purchase agreements.
Miguel Gil Mata, CEO of Prismore Capital, which oversees Capwatt, said the sale strengthens Capwatt’s market positioning and demonstrates investor confidence in its capabilities. SDCL chief executive Jonathan Maxwell said the acquisition provides the fund with strategic exposure to one of Europe’s most active energy-transition regions.
GETF closed fundraising at €650 million in October 2023 and has now committed more than 75% of its capital to clean-energy and efficiency infrastructure investments.
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