Clean energy investment in Portugal could power significant boost to GDP

Portugal’s gross domestic product (GDP) could be powered up 15% through strategic investments in clean energy, according to global management consultants McKinsey.

And by grasping the opportunities in other key industry sectors, it could double within 15 years, André Anacleto, a partner at McKinsey’s Iberian office, says.

Speaking at a recent event in Lisbon, he highlighted Portugal’s huge growth potential.

He said: “Today, we believe we are already on a very positive path, but if we acted on three major fronts; structural industries, in new arenas, and leveraging all the potential of automation and artificial intelligence – we could aim to double our GDP in the next 15 years.”

Key to that, the consultancy says, is its transition to renewable energy which could bring a 15% increase in GDP, creating 300,000 new jobs - many of which highly-skilled - in the process.

Portugal has already been at the forefront of a shift to green energy, targeting 80% renewable power generation by 2026 - four years ahead of schedule - and 100% by 2030.

McKinsey identifies four key opportunities: accelerating renewable implementation, mobilising large ecosystem projects, decarbonising existing industries, and developing new sectors like electric vehicles, batteries, and green steel.

The clear growth potential has not gone unnoticed by those seeking a Golden Visa. The residency-by-investment programme is accessed through a minimum €500,000 investment in eligible alternative investment funds.

One of those, the Portugal Future Fund, invests across key growth sectors, including renewable energy.

Paul Sheedy, special advisor for the Portugal Future Fund, explains: “Portugal is already full steam ahead with its push to renewable energy which is why it’s a sector we invest in.

“The growth potential is significant, and the latest comments from McKinsey underlines that.”

Portugal’s pro-active approach to renewables has already seen its energy prices some 30% lower than the European average.

The solar sector's growth is reflected in capacity figures. Installed capacity increased 69.6% over the past decade, with deployment continuing to accelerate in 2025.

The solar-photovoltaic industry is projected to create approximately 20,000 jobs by 2030, spanning multiple skill levels from installation to engineering.

Wind infrastructure already employs 22,000 people across Portugal, with manufacturing facilities in Viana do Castelo and Vagos contributing significantly to local economies.

Secretary of State for Energy Jean Barroca confirms that at least three gigawatts of renewable power are scheduled to come online by the end of 2026.

Hydrogen represents the sector with the most ambitious growth potential. The MadoquaPower2X initiative, in Sines, involves a €2.8 billion investment and is envisioned by officials as establishing a "hydrogen valley".

The first phase deploys 500 MW of electrolysis capacity, producing 51,000 tonnes of green hydrogen and 300,000 tonnes of green ammonia annually.

The European Commission awarded over €245 million through the EU's Hydrogen Bank initiative.

Portugal currently produces the most affordable renewable hydrogen in the European Union, according to Hydrogen Europe.

Portugal ranks among Europe's top three countries for renewable energy participation, trailing only Norway and Denmark.

‍

To learn more about Golden Visa funds investing in renewable energy, contact Portugal Pathways.

‍

About Portugal Pathways

Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.

About Portugal Investment Owners Club

The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.

About Portugal Future Fund

The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.

‍

Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.

‍