11/25/2019 | Renewables

Galp increases solar power purchases in Spain through long-term contracts with Grenergy

12-year contracts will add up-to 360 GWh per year additional solar energy to Galp’s portfolio, which now totals more than 650 GWh. That’s enough energy to power more than 200,000 households with savings of more than 430 ktons of CO2 per year. More than half of the electricity commercialized by Galp in 2018 originated in renewable sources.

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 that shall be progressively allocated to Galp’s commercial activities from August 2021, for a period of 12 years.

This is the second PPA signed by Galp this year, bringing total acquired solar energy to more than 650 GWh, enough to power more than 200,000 households, saving more than 430 ktons 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.

More than half of the electricity commercialized by Galp in 2018 originated from renewable sources, of which 293 GWh from the company’s own production.

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.

About Galp

Galp is a publicly held, Portuguese-based energy company, with an international presence. We develop efficient and environmentally sustainable solutions throughout all stages of the energy sector's value chain, in our operations as well as in the offering we provide to our clients, whether companies from all industries, or regular consumers looking for the most flexible solutions for their home and mobility needs.

We prospect and extract oil and natural gas from reservoirs located miles underneath the oceans, but we also commit to dedicating 40% of our investment to projects that contribute to reduce global CO2 emissions, including renewable energy production plants. Our offerings combine all types of energy, from electricity to gas and liquid fuels. We also contribute to the economic development of the 11 countries where we operate and to the social progress of the communities that welcome us. Galp employs 6,360 people.