Galp has agreed to acquire upon maturity a diversified portfolio of up to 4800MW renewable energy projects in Brazil.
The move will more than doubling its global funnel capacity and mark the company’s expansion 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 4.6GWp across Brazil.
An agreement with Casa dos Ventos comprises the acquisition of a 216MW cluster of wind farms under development in Brazil’s Northeast.
Galp’s renewable energy and new businesses chief operating officer Georgios Papadimitriou said: “Brazil has driven Galp’s growth in the past 12 years through our flagship pre-salt upstream projects.
“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.”
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 282MW and 312MW respectively.
Galp is already one of the top producers of solar photovoltaic energy on the Iberian Peninsula, with an installed capacity of 1.2GW already in production.
With this new pipeline of projects, Galp’s renewable energy portfolio now totals 9.6GW in several stages of development in Brazil, Spain, and Portugal.
This supports its plan to increase its renewable energy capacity to 4GW by 2025 and to 12GW by 2030.