Galp, a multinational energy corporation headquartered in Portugal, has agreed to acquire and develop 594 MWp of solar projects in Brazil. With this the company aims to advance its renewable expansion plans and take a step forward in its efforts to transform its portfolio towards low carbon energy.
This includes two solar projects under construction in the Brazilian states of Bahia and Rio Grande do Norte, with capacities of 282 MWp and 312 MWp, respectively. Further, the projects are expected to attain commercial operation before 2025. According to the company, with this acquisition Galp gains access to high-quality assets in Brazil, where it has been active for over 20 years.
Galp is an energy company committed to the development of efficient and sustainable solutions in its operations and in the integrated offers to its customers. Galp’s overall gross renewable generation capacity currently stands at 4.7 GW, split between Portugal, Spain, and now Brazil. The company aims to have over 4 GW and 12 GW gross operating capacity by 2025 and 2030, respectively.
REGlobal’s Views: Brazil has a growing energy demand and the country has set a goal of doubling its current solar and wind installed capacity to 40 GW by 2030. Thus, it is an ideal renewable energy investment destination for a company like Galp that has been present in Brazil for many years.
