Galp is one of the largest producers of solar photovoltaic energy in Iberia. During 2022, Galp's gross renewable energy generation pipeline increased from 4.7 GW to 9.0 GW including projects under operation, construction and different stages of development, located in Portugal, Spain and Brazil. Galp concluded 2022 with 1.4 GW of capacity already under operation, after 400 MW of new operating capacity came online during the year.


2022 Highlights

With a competitive renewable platform in place and the competencies to make it prosper, Galp's goal is to gradually expand its renewable generation portfolio to 4 GW gross operating capacity by 2025, and continuing to grow throughout the decade. 



The expansion plan to reach our development targets is selective, leveraged on the execution of the existing pipeline, whilst growing our presence in markets where there is a strategic advantage for Galp. The diversification of technologies will also play an important role to build a more resilient low-carbon business along with hybridisation and storage opportunities.

Galp’s renewable strategy relies on balancing its presence in mature and non-mature markets to secure a long-term sustainable portfolio adjusted to the risks and opportunities of each market, but also to pursue active approaches to energy management, capital structure optimisation and asset rotation. This should allow the enhancement of the value creation of the renewables projects and the delivery of quality growth.  

Expanding our renewable energy generation portfolio is a key enabler of our decarbonisation journey. As such, we have been enhancing our workforce to strengthen our ability to grow, developing core competencies that have been recognized as accelerators of our learning curve and that allow us the rapid development of our portfolio, and diversify both geographically and in terms of technology.



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. 



In Portugal, Galp holds a portfolio of 507 MW of solar PV projects, including 144 MW in Alcoutim, Algarve, Galp’s first project in Portugal, which started contributing in 2022.

The portfolio pipeline also includes 343 MW in Ourique and 8 MW in Odemira, both in Alentejo, at different stages of development. Galp's installed capacity for renewable generation in Portugal also includes 12 MW from a wind farm in operation.  



Galp entered the Brazilian renewables business in 2021 with the acquisition of two solar PV projects with a combined capacity of c.590 MW.  

In 2022, Galp secured more renewable power projects and expanded into wind in Brazil through agreements with SER Energia and Casa dos Ventos. These contracts provide access to a selection of photovoltaic and wind projects located in nine Brazilian states, across what is known as the solar belt, adding size and optionality to Galp’s growth ambition. The framework agreement with SER Energia encompasses the acquisition of projects under development across Brazil’s solar belt while the agreement with Casa dos Ventos comprises the acquisition of a 216 MW cluster of wind farms under development in Brazil’s Northeast.