Portuguese energy group Galp Energia SGPS SA (ELI:GALP) announced today that it has agreed to acquire a portfolio of solar and wind projects in Brazil with a combined capacity of 4.8 GWp.
Under a framework agreement with Brazilian solar developer SER Energia, Galp agreed to buy 3.6 GW/4.6 GWp of projects under development. The second agreement with Casa dos Ventos see the Portuguese company take a 216-MW cluster of wind farm projects currently in the works in Brazil's Northeast region.
All projects will be acquired upon majority. Financial details were not disclosed.
The acquisition will help the oil-and-gas major to recalibrate its business focus in Brazil, Galp´s Renewable Energy and New Businesses COO, Georgios Papadimitriou, said.
Galp arrived in the Brazilian renewable energy market in 2021 through an agreement with SER Energia to acquire a 282-MWp photovoltaic (PV) project in the state of Bahia and a 312-MWp scheme in Rio Grande do Norte. The deal with Casa dos Ventos will help the company branch out into the local wind power market.
With the latest transaction, Galp’s renewable energy portfolio now stands at 9.6 GW of projects in several stages of development in Brazil and the Iberian Peninsula. The firm already has 1.2 GW of installed solar PV capacity in the Iberian Peninsula.
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