Portugal’s storage tender delay is a pricing event for SPV deals
Portugal has delayed the launch of its two storage tenders, which together allocate 1,050 MVA of grid injection capacity, after the public consultation on the terms. The launch had been set for 14 September.
https://www.pv-magazine.com/2026/09/23/portugal-postpones-renewables-plus-storage-auctions/
The next step is publication of the final terms. No new date has been given.
For buyers and sellers of storage SPVs, a slipped timetable is a pricing event, not only a scheduling one.
A buyer should separate what is already in hand (land rights, environmental status, grid access) from what depends on a tender without a date. The two carry different risk, and a blended price hides it.
Ready-to-Build (RtB) readiness decides who can move first when final terms appear. Layout, interconnection design and permitting need to be closed before the procedure opens, not after.
In an M&A process, the non-binding offer (NBO) stage is where this surfaces. Bidders who have modelled both timetable scenarios submit offers that can be compared. The others reprice later.
We see the same sequencing question across Iberia, the Gulf and Africa: what is permitted and designed, versus what is waiting on a procedure.
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