Galp to invest in Brazil’s renewable energy sector
With this portfolio expansion, Galp's total gross renewable generation capacity increases to c.4.7 GW spread through Portugal, Spain and now Brazil.
Galp will enter the Brazilian renewable energy market, with two solar projects that the company said would allow it to take an “important leap” in the transformation of its business profile and in reducing its carbon footprint.
In a statement sent to the Portuguese Securities and Exchange Commission (CMVM), the company explained that the operation involves the acquisition of two solar projects with a total capacity of 594 MWp, under development in the states of Bahia (282 MWp) and Rio Grande do Norte (312 MWp).
With these transactions, “Galp gains access to high-quality assets in a country where the company is present for more than 20 years and which is within the top 10 countries in the world with the highest power demand and aiming to double its current solar & wind installed capacity to 40 GW by 2030,” it adds. The projects should start commercial operation before 2025.
In the note, the company also explains that these agreements are part of a strategy aimed at growing “a competitive renewable generation portfolio and to thrive through the energy transition and are fully aligned with the capital allocation guidelines and geography diversification plans presented at its June Capital Markets Day.”
With this portfolio addition, Galp’s total gross renewable generation capacity increases to c.4.7 GW spread through Portugal, Spain and now Brazil. The company aims to have more than 4 GW in operation by 2025 and 12 GW by 2030.
