The company led by Andy Brown has agreed to purchase a portfolio of renewable energy projects of up to 4.8 GW that will be developed in Brazil.
Galp has agreed to purchase, upon maturity, a portfolio of renewable energy projects of up to 4.8 GW that will be developed in Brazil, expanding into wind power in South America’s largest country.
In a statement, the company explains that the framework agreement with SER Energia covers the acquisition of projects under development with a total maximum capacity of 4.6 GWp across Brazil, while the agreement with Casa dos Ventos covers a 216MW cluster of wind farms under development in northeast Brazil.
“Brazil has boosted Galp’s growth over the past 12 years, through our major production projects in the pre-salt,” Georgios Papadimitriou, head of Galp’s Renewable Energies and New Businesses, said, quoted in the statement.
“We are now adding a new growth engine, leveraged on Brazil’s vast potential in renewable energy, and rebalancing our business in the country in line with our ambitions to transition to a cleaner energy model,” he added.
Galp, currently the third largest oil and gas producer in Brazil, agreed in October to acquire two portfolios of solar projects under development in the states of Bahia and Rio Grande do Norte from SER Energia, with capacities of 282 MW and 312 MW, respectively.
Galp is one of the main producers of photovoltaic solar energy on the Iberian Peninsula, with an installed capacity already in production of 1.2 GW.
With this new pipeline of projects – says the company – Galp’s portfolio of renewable energy now totals 9.6 GW in various stages of development in Brazil, Spain and Portugal, “bringing closer the goals of increasing production capacity of renewable energy to 4GW by 2025 and 12GW by 2030”.