June 8 (Renewables Now) – Portuguese renewable energy outfit Generg has refinanced a 461.4-MW portfolio of wind and hydropower assets in Portugal and raised an additional EUR-118-million (USD 126.1m) credit facility.

Built by the country’s main utility EDP (EDP.LS) on Western Europe’s biggest artificial lake, the shiny floating island is part of Portugal’s plan to cut reliance on imported fossil fuels whose prices have surged since Russia’s invasion of Ukraine.

Portugal plans to hold its first auction for floating offshore farms this summer, which it hopes will be able to produce between 3 and 4 gigawatts (GW) of power in 2026, Environment and Energy Transition minister Joao Matos Fernandes told Reuters.