Galp has agreed to acquire upon maturity a diversified portfolio of renewable energy projects of up to 4.8 GW to be developed in Brazil, more than doubling its global funnel capacity and expanding into wind power in South America’s largest country.
The framework agreement with SER Energia encompasses the acquisition of projects under development with a maximum total capacity of 4.6 GWp1 across Brazil while the agreement with Casa dos Ventos comprises the acquisition of a 216 MW cluster of wind farms under development in Brazil’s Northeast.
“Brazil has driven Galp’s growth in the past 12 years through our flagship pre-salt upstream projects,” said Georgios Papadimitriou, Galp´s Renewable Energy and New Businesses COO. “We are now adding a new powertrain and rebalancing our businesses in the country in line with our clean energy transition ambitions, leveraging on Brazil’s vast renewable energy potential” he added.
Galp, currently Brazil’s third-largest oil and gas producer, in October 2021 agreed to acquire two clusters of solar projects under development in the Bahia and Rio Grande do Norte States from SER Energia, with capacities of 282 MW and 312 MW respectively.
Galp is already one of the top producers of solar photovoltaic energy on the Iberian Peninsula, with an installed capacity of 1,2 GW already in production. With this new pipeline of projects, Galp’s renewable energy portfolio now totals 9.6 GW in several stages of development in Brazil, Spain, and Portugal, supporting the plan to increase its renewable energy capacity to 4 GW by 2025 and to 12 GW by 2030.