In 2021, Galp's renewable energy generation portfolio increased c.1 GWp to c.4.7 GWp (at 100%), including mostly solar photovoltaic (PV) projects under operation, construction and/or development, spread between Portugal, Spain and, more recently, Brazil. Of these, 963 MWp of capacity were already under operation at the end of 2021, including 36 MWp of new operating capacity that came online during the year.


Renewables Portfolio

With a competitive renewable platform in place and the competences to make it prosper, Galp's goal is to gradually expand its renewable generation portfolio to over 4 GWp gross operating capacity by 2025, and 12 GWp by 2030.

This expansion is expected to be selective, mostly leveraged on the execution of the existing assets, whilst expanding our presence in markets where there is a strategic advantage, mostly through early stage moves, and also looking at the diversification of technologies.

Galp’s renewable strategy relies on balancing its presence in mature and nonmature markets to secure a long-term sustainable portfolio adjusted to the risks and opportunities of each market, but also to pursue active approaches on energy management, capital structure optimisation and asset rotation.

Altogether, along with exploring different value pools and upsides in the value chain, this should allow the enhancement of the value of its projects and the delivery of a value-driven growth.

The Company expects to allocate, on average, c.30% of the Group’s annual net capex estimate between 2021 and 2025 to the development of its renewable power generation portfolio. In 2021, Galp secured up to €732 m from the European Investment Bank (EIB) for the construction of solar power plants and the deployment of EV charging points in Iberia, a crucial step in increasing the pace of development of such projects and helping the Company accelerate the integration of low-to-no-carbon energy solutions in its businesses.


Galp holds a 75.01% stake in Titan, while the ACS Group holds the remaining 24.99%. A joint control governance structure has been created and the stake is accounted for in Galp's financial statements using the equity method.

The portfolio incorporates a selection of high-quality projects already in operation and at different stages of development, in privileged locations, with expected yield equivalent to 1,800 sun hours per year, positioning Galp as a leading company in solar PV in Iberia.

Galp’s current solar production comes exclusively from the generation of these Titan assets.

In 2021, Galp further reinforced its position in the solar PV market in Spain, with acquisition of nearly 400 MWp of gross capacity, expected to be operational by 2023/24:

  • 74 MWp from Jerjes & Bujeo, in Andalucía, under development;
  • 100 MWp from Omaei, in Aragon, under development;
  • 223 MWp from Enerland, of which 62 MWp located in Zaragoza, acquired at ready-to-build, and the remaining projects in Castilla y Léon and Aragón, under development


In Portugal, Galp holds a portfolio of approximately 495 MWp of solar PV projects.

Of these, 144 MWp are in Alcoutim, Algarve, and are under construction and expected to start operations during 2022.

In addition, the portfolio also includes 343 MWp in Ourique and 8 MWp in Odemira, both in Alentejo, at different stages of development. Galp's installed capacity for renewable generation in Portugal also includes 12 MWp from a wind farm, where the Company operates through its invested enterprise Ventinveste, S.A., in which Galp holds a 51.5% stake.


Galp has entered the Brazilian renewables business during 2021 with the acquisition of a couple of solar PV projects with a combined capacity of 594 MWp.

This includes two solar projects under development in the States of Bahia and Rio Grande do Norte, with capacities of 282 MWp and 312 MWp, respectively, and set to reach their Commercial Operation Date before 2025.

With these transactions, Galp gains access to high-quality assets in a country where the Company has been present for more than 20 years and which is among the top 10 countries in the world with the highest power demand and planning to double its current solar & wind installed capacity to 40 GW by 2030.