Galp has strengthened its commercial portfolio to provide renewable power to its clients after having signed a long-term Power Purchase Agreement (PPA) with Grenergy Renovables.
The agreement is based on a total 200 MW solar power generation projects in Spain, which are currently under development, covering a total amount of 300 to 360 GWh per year during a period of 12 years, which shall be progressively allocated to Galp’s commercial activities from August 2021 onwards.
This represents the second PPA signed by the Company this year, with Galp’s renewable power acquired now totalling more than 650 GWh per annum. When operational, those are expected to generate sufficient energy to provide power to more than 200,000 homes, saving more than 430 kton of CO2 per year.
This framework agreement fits Galp’s strategy by securing a balanced and competitive long-term sourcing for its power activities, while offering its clients access to efficient and environmentally sustainable energy solutions.
About Grenergy Renovables:
Grenergy Renovables is a Spanish independent producer of energy from renewable sources, mainly wind and photovoltaic, which was created in 2007 and is listed on the Alternative Stock Market since 2015. Its business model covers all phases of the project, since development, through the construction and financial structuring until the operation and maintenance of the plants. In 2012, it expanded to LATAM, where it is present in Chile, Peru, Argentina, Mexico and Colombia, with a global pipeline of more than 4 GW in several stages of development.