Solara4 solar project Advising on Solara4, Europe’s largest unsubsidised solar project

What was the aim of the work? 

Natural Power acted as lender’s technical adviser (LTA) for the financing of the 220 MW Solara4 solar farm in Portugal. Our scope included a detailed review of construction and operational contracts; design and technology; permitting and environmental issues; and the construction schedule. We also completed a finance-grade energy yield assessment for the project, which is unusually complex in terms of its layout and terrain.  

Following the initial due diligence, we are providing ongoing construction monitoring services to the lenders.  

What was the outcome? 

Solara4 will be the largest unsubsidised plant in Europe and amongst the top 20 largest solar PV plants in the world. Covering a total area of 400 hectares and using 660,000 solar modules, Solara4 will generate enough electricity to power 200,000 homes. Construction of interconnection infrastructure started during 2018 and the PV site in January 2019. The plant is currently in the final stages of construction and will be fully commissioned in 2021.  

What did Natural Power do to get this result? 

The due diligence and energy yield assessment were led by Natural Power’s UK team, with site inspections and construction LTA services carried out by Natural Power’s French team. Collaborating across our regional offices enabled us to have a presence on site and provide valuable insight into construction progress and challenges throughout the Covid-19 pandemic.  

Client Feedback

“The entire Natural Power team has been an absolute pleasure to work with – experienced, professional and truly impartial, with a commercial view on project risks and a systematic approach to resolving them. The team went out of its way in visiting site, during difficult times, and where necessary challenged the contractor. It would be a privilege to work with the team again on similar projects.”

Stefan Rattensperger, power and infrastructure finance, Investec