Portugal-based bank Espírito Santo Group, through its €75m ($97m) venture capital fund Espírito Santo Ventures III, has invested up to €7m in local solar power group MagPower – Soluções de Energia.
Joaquim Sérvulo Rodrigues, chief executive of Espírito Santo Ventures, said: "In our investments, we look for technology-based projects that have the ambition to access the global market. It is remarkable to find one of the few companies in the world developing HCPV [high concentration photovoltaic] systems here in Portugal, with the level of competitiveness that Magpower’s products offer, despite limited access to capital until now, compared to peers located in more capital-dynamic markets and therefore attracting many millions of investment dollars."
Pedro Falcão e Cunha, president of Magpower, said: "Besides its financial capacity, Espírito Santo Ventures brings into the team a number of highly qualified and experienced professionals. The management and the international experience, above all, will be critical in developing Magpower’s significant foothold in a few of the most dynamic markets in renewable energies (USA, Italy, MENA, South Africa)."