Hyperion Renewables secures €210M financing for hybrid renewables in Portugal

Lisbon – 12^th of February 2026 – Hyperion Renewables has successfully closed the financing of the Theia Project, a transaction of approximately €210 million to support the construction, operation and refinancing of a portfolio of renewable energy projects located in Portugal, with a total installed capacity of around 300 MW. The portfolio integrates solar photovoltaic, wind and battery energy storage, reflecting an innovative approach that combines different technologies to address decarbonization challenges and the growing need for flexibility in the power system.

The Theia Project comprises two hybrid projects and a set of Small Production Units (UPPs, Portuguese acronym). Highlights include the Cavaleira project, which combines solar, wind and batteries connected to a single grid connection point — a unique case in Portugal — and the Vale de Moura project, which integrates solar generation with battery storage. Altogether, the portfolio totals 295.45 MW, spread across solar, wind and storage assets, enhancing both operational efficiency and the contribution of the projects to grid stability.

Most of the energy produced will be marketed through long-term Power Purchase Agreements (PPAs) with national and international counterparties, including a hybrid PPA, with approximately 70% of the portfolio’s production contracted under these agreements. Uncontracted energy will be sold directly into the market. The battery storage projects included in the portfolio also benefit from support under Portugal’s Recovery and Resilience Plan (PRR, Portuguese acronym), underlining the strategic role of storage in renewable integration and security of supply.

The financing was structured by a syndicate of Portuguese and international banks and asset managers, combining project-level debt and holdco-level debt in a solution that, while common in other European markets, is pioneering in Portugal for projects with a significant energy storage component. The transaction was supported by legal advisors CS Associados, representing Hyperion Renewables, PLMJ, acting as legal counsel to the banking syndicate for the project-level debt; and Pérez-Llorca, as legal advisor to Eiffel Investment Group S.A.S. in connection with the holdco-level debt.

In total, the financing amounts to approximately €210 million, including around €175 million in project-level debt provided by a banking syndicate composed of Banco Santander Totta, S.A., Banco Português de Fomento, S.A., Banco Comercial Português, S.A., and Sumitomo Mitsui Banking Corporation (SMBC), and €35 million in holdco-level debt, provided by Eiffel Investment Group S.A.S. The financing is intended for investment in the projects (CAPEX), as well as for the refinancing or repayment of debt associated with already operational assets, strengthening the transaction’s capital structure.

“For Hyperion, this transaction represents a strategic milestone in our growth and consolidation path in the Iberian and European markets,” said Aytea Amandi-Alvarez, CEO of Hyperion Renewables. “The Theia Project demonstrates that it is possible to structure robust bank financings in Portugal for increasingly complex renewable portfolios, integrating both generation and energy storage. This financing reinforces our ambition to develop solutions that combine scale, innovation and a real contribution to competitiveness and the energy transition.”

With the Theia Project, Hyperion Renewables reinforces its position as a leading company in the development and operation of hybrid projects and integrated, innovative energy solutions, aligned with national and European priorities for a more sustainable, resilient, and economically competitive energy transition.

About Hyperion Renewables – hyperionrenewables.com

Hyperion Renewables is an Iberian company dedicated to the development, financing and operation of renewable energy projects. With two decades of experience and more than 750 MW of renewable energy projects developed, the company has been strengthening its position as one of the key drivers of the energy transition in the region. Since 2023, Hyperion has been accelerating its transformation into an Independent Power Producer (IPP), with a focus on Portugal, Spain and Romania. The company is led by CEO Aytea Alvarez Amandi and Executive Chairman Pedro Rezende, supported by a team of 60 professionals.

For more information, please contact:

Hyperion Renewables
Beatriz Serrano Rodrigues | bsr@ampassociates.pt | +351 964 124 051
Carolina Cosme | cc@ampassociates.pt | +351 919 390 610
Catarina Travassos | ct@ampassociates.pt | +351 919 155 913