Portuguese energy group Galp Energia SGPS SA (ELI:GALP) has agreed to acquire and develop a 594-MWp solar portfolio in Brazil, marking its entry in the country's renewables market.
The oil and gas major said on Tuesday that the portfolio consists of a 282-MWp PV project in the state of Bahia and a 312-MWp scheme in Rio Grande do Norte.
Both projects are currently under development and are expected to reach commercial operation date (COD) before 2025, Galp said in a regulatory filing. Financial and other details were not disclosed.
The acquisition will help the energy group boost its total gross renewable energy capacity to around 4.7 GW spread between Portugal, Spain and now Brazil.
Galp's goal is to have more than 4 GW in operation by 2025, and 12 GW by 2030.
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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.