With this project, the Portuguese oil company expands its renewable portfolio to over 4 GW in the Iberian Peninsula.
Galp signed final agreements with Enerland, a Spanish renewable energy company, for the acquisition, development and construction of a renewable portfolio in Spain, with an aggregate capacity of 220 megawatts (MW).
The deal involves the acquisition of “one cluster of projects totalling 62 MW in Zaragoza, already at Ready-to-Build (RTB) phase and with Commercial Operation Date (COD) expected during 2022,” the Portuguese company announced in a statement sent to the CMVM on Monday.
Additionally, it comprises three projects in the Autonomous Communities of Castilla y León and Aragón totalling 161 megawatts at an advanced stage of development, with COD scheduled for 2023.
This agreement is part of Galp’s strategy to grow a competitive portfolio of renewable generation and is aligned with the capital allocation guidelines presented at its June Capital Markets Day.
With this portfolio expansion, Galp’s total gross renewable generation capacity increases to c.4.1 GW in the Iberian Peninsula, of which 926 MW are already in operation. This acquisition represents a further step in the company’s ambition to have more than 4 GW in operation by 2025 and 12 GW by 2030.