Renewables

As part of Galp’s low carbon strategy, the Company aims to develop its power generation activity from differentiated and competitive renewable sources, particularly within a lower carbon intensity context.

In recent years, Galp is developing solar power generation projects in in Portugal and Spain. Currently, the Company is continuing to develop these projects to ensure a timely Commercial Operation Date (COD), as well as analysing new projects that will enable Galp to develop its strategy of incorporating energy production from renewable sources.

Already in 2020, Galp agreed with the ACS Group the acquisition of solar PV projects in Spain comprising a total generation capacity of c.2.9 GW. The agreement includes over 900 MW of power generation capacity already in production and a pipeline of projects at different stages of development to be installed until 2023, all with grid access permits secured.

Galp’s ambition is to gradually growth this business and reach c.10GW by 2030, focusing on strengthening the Company’s presence in Iberia, while looking to explore opportunities in other geographies.

Galp also has a 50% stake in a project with 12 MW of installed capacity at a wind farm in Portugal, which produced c.31 GWh in 2019.

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