An infrastructure fund managed by DWS has acquired 100% of Portuguese energy communities specialist Cleanwatts.
The transaction will see DWS commit approximately €150 million by 2030, aligned with the targets set out in Portugal’s National Energy and Climate Plan (PNEC) 2030. The plan anticipates strong growth in decentralised renewable generation, supported by the country’s high solar irradiation levels and a regulatory framework considered favourable to energy communities.
Cleanwatts develops and manages energy communities, enabling renewable power generation close to consumption points. The company focuses on delivering competitively priced electricity, supporting rising demand driven by electrification and digitalisation, deploying battery storage to reduce system costs, and contributing to greenhouse gas reduction across consumer and industrial sectors.
Pedro Antão Alves, Chief Executive of Cleanwatts, said the two organisations are aligned in simplifying the energy transition for businesses by installing photovoltaic plants without upfront investment for clients. He added that the company will continue strengthening its engineering capabilities to optimise plant performance and maximise energy production.
DWS has previously invested in wind and solar generation assets across Sweden, Germany and Spain. The acquisition of Cleanwatts reflects confidence in Portugal’s regulatory framework for individual and collective self-consumption, as outlined in the PNEC 2030, and the broader potential of decentralised energy solutions.
Miguel Horta e Costa, Partner at DWS, said Portugal’s energy regulation provides a strong foundation for implementing innovative local decarbonisation projects. He noted that Cleanwatts’ energy communities management platform could, in time, be expanded to other European markets should regulatory models evolve in a similar direction.
European private equity firm Verdane, the former majority owner of Cleanwatts, has exited its investment as part of the transaction. Reed Snyder, Principal at Verdane, said DWS is well placed to support the next stage of the company’s development.
Beka M&A acted as sole financial adviser to Verdane on the deal.
Energy communities are designed to deliver economic and social benefits by enabling more competitive electricity pricing for anchor customers, such as industrial and commercial users, while also offering lower tariffs to residential members within the same locality. According to Cleanwatts, the model allows participants to share surplus energy production at prices below prevailing market rates, supporting both cost savings and local decarbonisation efforts.
