Lisbon, September 26, 2024 - Akuo, renewable energy power producer and developer, has inaugurated the Santas solar plant, located in the municipalities of Monforte, Borba and Estremoz, in the Alentejo Region. With a capacity of 181 MWp, it is one of the largest solar plants in Portugal.

Winner of the Portuguese governments call for tender in August 2019, the Santas solar plant is part of a portfolio with a total capacity of 540 MWp. In addition to the Santas plant, it includes two other photovoltaic power plant projects in the Gavião area, one of which - the Margalha plant - is currently under construction. The Santas power plant was financed in conjunction with MEAG and Eiffel Investment Group and began injecting electricity into the Portuguese electricity grid from May 15 of this year, reaching full power during the summer of 2024. 

Eric Scotto, Chairman and co-founder of Akuo said “This plant combines all the qualitative criteria of a 360° regional project: renewable electricity, extremely exemplary life cycle, maximizing of the land, citizen funding and inclusive projects benefiting local inhabitants. As an entrepreneur, Akuo is proud to be able to be supported by partners such as MEAG and Eiffel Investment Group on such ambitious projects. Portugal is a land of energy and societal innovation, an approach that is in line with our own”.

A sun-drenched region to produce clean and competitive energy

The plant fully benefits from a Mediterranean climate, enjoying an average of 2,030 hours of sunshine a year. This exceptional level – one of the highest in Europe – guarantees a high degree of productivity and competitiveness for photovoltaic production. The plant thus delivers local and renewable electricity to more than 100,000 homes.

A plant with an exemplary life cycle and a long-term commitment to the region

With its 336,448 low-carbon photovoltaic modules on trackers, enables over 70,000 metric tons of CO2 emissions to be avoided every year. This CO2 saving represents the equivalent of the emissions of 27,100 round-the-world trips in an internal combustion car.

Environmental measures have been put in place within the framework of the plant’s construction and for the long term, with diverse aspects covering the conservation, management and control of water resources, fundamental for the ecosystem. Located in a migration corridor, the plant is also the subject of detailed ornithological monitoring, making it an exemplary approach to sustainability. 

A comprehensive life cycle analysis conducted by Akuo has determined that the plant emits 27gCO2e/kWh, a figure that is substantially lower than the power plant average (44gCO2e/kWh according to ADEME, the French Agency for Ecological Transition). 

At the same time, the Akuo Foundation has launched social actions benefiting the inhabitants of Monforte, with a support program for people with mental impairments, and for the elderly, adapted to the specific needs of this municipality. These actions go beyond the compensatory measures provided for by law and reflect the Akuo Group’s proactive commitment to full regional integration.

A crowdfunding campaign to expand the plant

To mark the inauguration, Akuo – via its AkuoCoop by Lendosphere crowdfunding platform – has launched a crowdfunding campaign for an initial 1 million euros aimed at funding the plant’s expansion by an additional 45 MW on top of its current capacity. This campaign is open to all European Union citizens, and first and foremost to Portuguese citizens and Portuguese businesses eager to invest in their country’s energy transition while benefiting from the plant’s profitability.

Portugal: a model for developing renewable energy in Europe

In its National Energy & Climate Plan 2030, Portugal has upped its renewable energy capacity objectives by 50% and is now targeting 42.8 GW. Thus, by the end of the decade, 85% of Portugal’s total electricity production will come from renewable sources, including 20.4 GW of solar photovoltaic power versus the current 3.7 GW.