February 19 (Renewables Now) - Portuguese energy conglomerate Galp (ELI:GALP) announced on Tuesday it is targeting around 10 GW of installed renewable power generating capacity for 2030.
The company will primarily focus on the Iberian Peninsula but it will also look at opportunities in other countries that fit its investment criteria.
In order to achieve the goal, Galp will allocate between 10% and 15% of its total investment to renewables and attempt to capture opportunities from new businesses that could be scaled up, the firm stated in its press release.
Last month, the company announced the acquisition of a 2.9-GW solar portfolio from Spanish construction engineering company ACS Actividades de Construccion y Servicios SA (BME:ACS). The transaction is valued at EUR 2.2 billion (USD 2.3bn) up to 2023.
About 914 MW of the newly acquired assets are already operating. Together with the remaining solar projects under development in Iberia, Galp estimates it will reach a total of 3.3 GW by 2023.
(EUR 1 = USD 1.080)