Petrolífera Galp, led by Andy Brown, enters the solar energy market in Brazil with the double acquisition and expands its renewable energy production capacity to 4,7 gigawatts (GW)
The Portuguese oil company Galp, led by Andy Brown, closed 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 should start commercial operation by 2025, and will allow to increase the total capacity to 100% of renewable energy production to 4,7 GW (gigawatt). This account 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 more than 4 GW of renewable energy in operation by 2025 and 12 GW by 2030.
“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 top ten countries in the world with the highest demand for energy and with the ambition to double its current installed capacity of solar and wind generation to 40 GW in 2030”, said Galp.
The company also says that the acquisition is part of its strategy to become more competitive in renewable generation and advance in the energy transition. The purchase is in line with the “capital allocation guidelines and geographic diversification plans presented in June in the ¨Capital Markets Day¨, he adds.
