L R AS Published on Friday 24 January 2020 - n° 306 - Categories:purchase and sale of assets
Galp invests massively in renewable energies
The Portuguese oil company GALP Energia to acquire from the Spanish ACS for 2.2 billion euros, 900 MW of renewable energy production and a 2 gigawatt portfolio
to be built by 2023. The agreement only applies to ACS's Spanish solar projects.
GALP plans to direct 10-15% of its future investments into competitive renewable and new energy portfolios, representing €1-1.2 billion per year. This is much higher than in most other oil companies.
According to the Spanish solar union, Unef, Spain will install 3 GW per year until 2030. Iberdrola is targeting a portfolio of 3 GW in Spain by the end of 2022. GALP would therefore be at the same level as Iberdrola.
GreenTech Media of 23 January
Editor's note The movement is fast and intense towards the REs.
