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Oil Company Galp, Led by Andy Brown, Enters the Solar Energy Market in Brazil with Dual Acquisition and Expands Its Renewable Energy Production Capacity to 4.7 Gigawatts (GW)
The Portuguese oil company Galp, led by Andy Brown, has signed a contract for the acquisition and development of solar projects in Brazil with a total capacity of 594 megawatt-peak (MWp). With this, the multinational fulfilled its plan to expand its renewable energy generation capacity and transform its business profile, in addition to reducing its carbon footprint.
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The projects are expected to begin commercial operation by 2025 and will allow for an increase in total renewable energy production capacity to 4.7 GW (gigawatt). This figure includes the set of assets in Portugal, Spain, and Brazil.
The investment made in these transactions was not disclosed. Galp’s strategic plan foresees that the company will have over 4 GW of renewable energy in operation by 2025 and 12 GW by 2030.
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“With these transactions, Galp gains access to high-quality assets in a country where the company has been present for over 20 years and which is among the ten main countries in the world with the highest energy demand and the ambition to double its current installed capacity of solar and wind generation to 40 GW by 2030”, stated Galp.
The company also notes that the acquisition is part of its strategy to become more competitive in renewable generation and advance in the energy transition. The purchase aligns with the “capital allocation guidelines and geographic diversification plans presented in June at the ¨Capital Markets Day¨, he adds.
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