Swiss renewable energy investor Smartenergy has acquired a majority stake in Rewatt, a Portuguese solar developer focused on the commercial and industrial (C&I) rooftop market.
The Swiss investor will bring his knowledge in large-scale renewable energy investments to expand Rewatt’s customer base to large corporations.
The other segment the two companies will seek to expand into is community solar in Portugal, which has benefited from new regulations that allow for attractive business models, according to Smartenergy.
For now, the main focus will be on Portugal, with expansion into Europe later.
The push towards C&I solar power in Portugal comes months after the new Portuguese government brought forward its target of 80% renewable energy by 2026, four years ahead of schedule.
Ricardo Meireles, CEO of Rewatt, said, “This partnership with Smartenergy brings new capacity and momentum to Rewatt to grow its business. Getting out of the comfort zone and expanding throughout Europe, positioning itself not only with small consumers but also with large companies, are the steps that have already been outlined, but with this partnership its implementation will accelerate.