Portugal-headquartered oil and gas company Galp is targeting 10GW of installed renewables capacity by 2030 as part of its strategy to diversify its business into more clean energy generation.
The company will mainly target opportunities in the Iberian Peninsular but will also look at other geographic markets.
Galp recently acquired a portfolio of solar projects in Spain, comprising 2.9GW, with grid interconnection secured and 914MW of this amount already in operation.
Along with other solar projects under development in Iberia, Galp said it expects to reach 3.3GW of renewable generation capacity by 2023.
Equity returns from this portfolio are expected at above 10%.
The company has also established a new division dedicated to renewables as part of a wider company restructuring into four business units.
Galp stated it is “committed to develop a sustainable renewable power generation portfolio, with 10% to 15% of the group’s investment to be allocated to renewables and to capture opportunities from new businesses that could be scaled up.
“This represents a natural hedge to our Iberian activities, aligned with the global electrification trend and with the transition path to reduce our carbon intensity.”