Galp Forays Into Brazilian Renewables Market

• Galp has acquired 594 MW solar power capacity in Brazil that marks its entry into the country's renewables market
• The 2 projects with 282 MW and 312 MW capacity will be developed by the company in Bahia and Rio Grande do Norte, respectively
• The company expects these facilities to start commercial operations before 2025

Portugal based oil and gas extracting firm Galp has entered a new renewables market, Brazil with the acquisition of 2 solar power projects, representing 594 MW combined capacity. Galp is already operating in Brazil for over 2 decades.

While it did not specify from whom the company has acquired this capacity, Galp mentioned individual capacities of both the projects – 282 MW in Bahia state, and 312 MW in Rio Grande do Norte state. Galp will also develop these facilities. Both projects are expected to achieve commercial operations before 2025.

Management pointed out these agreements are part of its strategy to grow a competitive renewable generation portfolio and its geographical diversification plans.

Galp said this acquisition gives it access to 'high-quality assets' in Brazil, and takes its total gross renewable generation capacity to 4.7 GW spread across Portugal, Spain and now Brazil. The company aims to achieve more than 4 GW gross renewable energy operating capacity by 2025, and increasing it to 12 GW by 2030.

In January 2020, Galp acquired 2.9 GW solar power capacity in Spain from ACS Group for €2.2 billion (see Galp Acquires 2.9 GW Spanish Solar PV Capacity).