In 2020, Galp entered the solar power market in Spain, through an agreement with the ACS Group to establish Titan 2020 S.A. (Titan Solar), a JV aimed at developing a portfolio of solar PV projects in Spain. Galp owned a 75.01% stake in this JV and the stake was accounted for in Galp's financial statements using the equity method.
In 2022, Galp acquired the remaining 24.99% it did not already own in Titan. The stake was acquired from Cobra, which had taken the position from ACS, for a total consideration of €140 m.
Titan Solar portfolio includes c.1.2 GW of solar PV plants in operation and several projects at different stages of development with about 1.6 GW of additional capacity expected to be online by 2025, all located in Spain.
The full incorporation of this high-quality portfolio reinforced the position of Galp as a leading player in solar PV in Iberia, allowing further control and optionality in its development and creating new value enhancement opportunities.