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The Portuguese Golden Visa is alive, well, and gaining in popularity in 2025 – especially among Americans. And while it is no longer possible to obtain a Golden Visa by property investment, there are ample attractive Golden Visa Fund options available – including a range of Portugal Renewable Energy Funds (think wind and solar). 

Given that the costs associated with generating wind and solar energy are coming down year-on-year, combined with the urgent need to take climate-related action, it’s no surprise that market demand for Golden Visa Funds investing in renewables is growing steadily.

And as it turns out, Portugal is a global leader in the clean energy field: In fact, over 70% of the country’s domestic energy requirements are presently being met using renewable energy sources.

The relatively stable nature of both supply and demand in this area also lends itself towards the development of stable, predictable revenue models – all of which make for the development of compelling fund offerings that meet the criteria for Portugal’s Golden Visa Program.

Below, we have present a list of 6 Portugal Golden Visa Renewable Energy Funds  that can help you lock in the optionality of a Portuguese Plan B in 2025.

We also include salient details like the Fund Descriptions, Life Cycles, Target Yields, Closing Dates, as well each the option to get in touch with each fund. You can also view ALL of the Portugal Golden Visa Funds here.

Portugal’s Golden Visa Renewable Energy Funds In More Detail…

THE EMERALD CAPITAL FUND (FORMERLY THE EMERALD GREEN FUND)

• CMVM Registered: Yes
• Fund Type: Regulated private equity fund
• Fund Target Size: €40 million
• Fund Closing Date: July 2026
• Fund Approach: Emerald Capital expertly selects, manages, and optimizes investments to deliver stable, long-term returns and secure capital growth:
  • The fund’s Portuguese renewable energy assets are operational, RTB-ready, or in late-stage development with secured grid connections, ensuring faster, stable returns at lower risk.
  • The fund has a 219MW renewable asset in operation in Portugal, with an additional 414MW in capacity under development.
  • The fund builds on WElink Energy’s 18 years of success, with advanced projects already connected to the grid and primed for sustainable growth.
  • WElink is a global leader in renewable energy and sustainable infrastructure, with 1GW+ of projects developed.
  • WElink specializes in solar, wind, and battery storage solutions in partnership with Tier 1 investors.

• Expected Yield: 7% (gross)

THE IBERIAN NET ZERO SUB-FUND

• CMVM Registered: Yes
• Fund Type: Regulated private equity fund
• Fund Target Size: €50 million
• Fund Closing Date: February 2026
• Fund Approach: STAG Iberian Net-Zero (SINZ) is a sub-fund from STAG Core Fund with a primary focus on renewable energy, energy efficiency/carbon reduction, and clean mobility and infrastructure in Iberia contributing to achieve the Portugal’s revised target for annual electricity generated from renewable sources by 2030. Some of this sub-fund’s hallmark features include:
  • Predictable Revenues: Solar energy offers a reliable investment option: with stable sunlight patterns, photovoltaic technology and an extended panel lifespan. In addition, fixed initial costs, reduced operating expenses and supportive regulatory benefits guarantee clear, long-term financial results.
  • Asset Diversification: The sub-fund offers financing solutions to solar developers, combining debt and equity in various development areas, such as Decentralised Energy, Photovoltaic Parks and Battery Storage.
  • Clear Exit Strategy:The strong demand for renewable energies, coupled with the liquidity of investments in the solar energy sector, facilitates the efficient pooling and sale of these assets, ensuring a smooth exit strategy for our investors.
• Expected Yield: 8%

TEJO VENTURES SOLAR FUTURE FUND III 

• CMVM Registered: Yes (1833)
• Fund Type: Venture Capital (FCR)
• Fund Target Size: €50 million
• Fund Closing Date: TBC – Currently raising
• Fund Approach:  The fund is a regulated Portuguese venture capital fund (FCR) focusing on solar infrastructure:
  • The fund employs a structured evaluation process for potential solar investments, focusing on commercial and industrial installations.
  • Their assessment framework examines multiple project elements including technical specifications, site characteristics, and energy production potential.
  • Each opportunity undergoes systematic review of the host facility’s energy consumption patterns, roof or site structural assessment, and grid connection parameters.
  • The due diligence process includes evaluation of counterparty credit profiles, operational history, and regulatory compliance requirements.
  • While this systematic approach aims to identify suitable projects, thorough due diligence cannot eliminate investment risks, and project performance may be affected by various factors including technical, operational, and market conditions.
• Expected Yield: 8% IRR (net), including targeted net 4% annual dividend commencing after 24 months.

NEW FRONTIERS ENERGY FUND

• CMVM Registered: Yes
• Fund Type: Regulated private equity fund
• Fund Target Size: €50 million
• Fund Closing Date: February 2026
• Fund Approach: The New Frontiers Energy Fund invests in the shares of solar projects in Portugal, which are at an early stage and appear on the government’s Acordo list. It then assists their development and exits for a healthy profit once the project is at Ready-To-Build stage.
  • There is a funding gap currently between many early stage ground-mounted solar projects regarding developing them to Ready-To-Build (RTB) stage.
  • There is a significant profit to be made by investing into these early stage projects and assisting to develop them through to RTB stage, when the shares in the project can be sold.
  • Reaching RTB stage of the development process can see prices appreciate dramatically, once grid connections, build permits and environmental permits are secured.
  • The fund’s opportunity lies in acquiring early stage sites at attractively low prices, ideally with planning permission in place, and then developing them through the grid connection and build permit stage. Its primary strategy is to invest at an early stage, develop through environmental approval, grid connection and all other facets required to get the site to RTB stage. At this point, NFEF will look to sell their shares for a healthy profit.
  • In the vast majority of cases, NFEF will buy early, develop to RTB and then ‘flip’ the shares to an institutional investor with appetite to build out the project fully.

INVICTUS RENEWABLE ENERGY EQUITY FUND

• CMVM Registered: Yes (2015)
• Fund Type: Private Equity
• Fund Target Size: €50 million
• Fund Term: 8 Years
• Fund Approach: Globally, power demand will continue to grow, and renewable energy will be accounting for an increasing proportion of the power mix, mainly because of governments zero carbon emission policies. In Portugal, the Fund will focus on self-consumption projects, thus allowing companies to transition to clean energy, while reducing energy costs, and without investing their own money:
  • Companies that produce their own energy, mainly through photovoltaic panels installed in their land or buildings, can reduce their energy bill considerably, reduce carbon emissions and become more sustainable.
  • The Fund Advisors have already identified several potential projects in Portugal, including construction of the country’s first self-consumption photovoltaic plant (1.3MWp) in partnership with a leading Portuguese food distribution group.
• Expected Yield: 8%+ IRR

PORTUGAL ENERGY EFFICIENCY INVESTMENT FUND II (PEEIF) II

• CMVM Registered: Yes (2013)
• Fund Type: Venture Capital (FCR)
• Fund Target Size: €25 million
• Fund Closing Date: TBC – Currently Raising
• Fund Approach: The fund seeks to foster the creation of new companies in high-technology sectors focused on the sectors of Energy production, Energy Efficiency and Cleantech.This fund capitalizes on the management team’s experience, leveraging a complete alignment between the investors and the companies regarding expectations and overall objectives to accomplish.The in-depth experience and the though-out activity of PEEIF management team within this sector guarantee a pipeline of high-quality opportunities with the required characteristics, which has allowed for a relatively short-term investment cycle and the generation of sustainable returns throughout the funds’ life cycle.A result of a work supported by four strategic principles:
  • Capital preservation;
  • Invest with a moderate risk tolerance;
  • Seek stable annual revenues;
  • Ensure clear and predictable investment exits.
• Expected Yield: 8% IRR (net)

Portuguese Golden Visa Crypto Fund comparison for 2025 compiled by…