Galp has agreed to buy a broad portfolio of up to 4800MW renewable energy projects in Brazil when they reach maturity.
The move will more than double the company’s global funnel capacity and signal its entry into the wind energy market in South America’s largest country.
The framework agreement with SER Energia covers the acquisition of projects in development in Brazil with a maximum total capacity of 4.6GWp.
The purchase of a 216MW cluster of wind farms under construction in Brazil’s Northeast is part of a deal with Casa dos Ventos.
“Brazil has driven Galp’s growth in the past 12 years through our flagship pre-salt upstream projects.” said Georgios Papadimitriou, Galp’s renewable energy and new businesses chief operating officer.
“We are now adding a new powertrain and rebalancing our businesses in the country in line with our clean energy transition ambitions, leveraging on Brazil’s vast renewable energy potential.”
Galp, Brazil’s third-largest oil and gas producer, decided to buy two clusters of solar projects under development by SER Energia in the states of Bahia and Rio Grande do Norte, with capacities of 282MW and 312MW, respectively, in October 2021.
Galp is already one of the leading solar photovoltaic energy producers on the Iberian Peninsula, with a total installed capacity of 1.2GW.
Galp’s renewable energy portfolio currently totals 9.6GW in various phases of development in Brazil, Spain, and Portugal, thanks to this new pipeline of projects.
This is in line with the company’s goal of increasing renewable energy capacity to 4 GW by 2025 and 12 GW by 2030.