Galp Energia makes an offer for ACS’s renewable energy business

  • ECO News
  • 10 December 2019

The Portuguese oil company's proposal on Zero-e will be one of the highest, according to El Confidencial. At stake is a business valued at 1,400 million euros.

Galp Energia entered the race for ACS’s renewable energy business. The Portuguese oil company is said to have presented one of the highest bids to acquire Zero-e, according to El Confidencial newspaper on Tuesday.

According to the Spanish newspaper, ACS already has on the table all the proposals for the adjudication of that deal, with financial sources saying that Galp Energia was the most recent company to join that list, proposing one of the highest values for the wind farms that the construction company has in Spain.

The Portuguese company competes with Brookfield and Macquarie funds and, according to other sources cited by El Confidencial, also with China Railway Group, one of the major Asian groups.

Galp Energia’s entry into the Zero-e race is taken as a surprise because the Portuguese oil company is not present in the renewable energy business in Spain, where it is known for its vast network of gas stations.

According to sources close to the transaction, Galp Energia is one of the best positioned candidates to take over ACS’s photovoltaic assets, which has decided to divest Zero-e, its renewable energy subsidiary, by shares. The division by which Galp Energia is interested is valued at 1.4 billion euros.