Portuguese energy company Galp has agreed a deal with ACS Group to acquire a portfolio of solar projects totalling 2900MW across Spain.
The deal includes 900MW of operational developments as well as 2GW of projects that are either in construction or licensing, Galp said.
“This transaction underpins Galp’s standing as an integrated energy company, bolstering a competitive portfolio of renewables and new businesses as set forth in our strategic guidelines,” said Galp chief executive Carlos Gomes da Silva.
The transaction will have a total value of €2.2bn by 2023 and includes the acquisition, development and construction of the projects.
Galp said it will use project finance to fund the new builds and will look for possible partnerships to help realise new projects.
The deal is expected to complete in the second quarter of this year.