Portugal's largest oil and gas company, Galp, has announced the acquisition of a diversified portfolio of renewable energy (RES) projects with a capacity of up to 4.8 GW in Brazil.
The move will more than doubling its global funnel capacity and mark the company's expansion into wind power in South America’s largest country, reports Renews.Biz.
The framework agreement with SER Energia encompasses the acquisition of projects under development with a maximum total capacity of 4.6GWp across Brazil. An agreement with Casa dos Ventos comprises the acquisition of a 216MW cluster of wind farms under development in Brazil’s Northeast.
Note that Galp is currently the third-largest oil and gas producer in Brazil.
"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," said Georgios Papadimitriou, COO of Galp Renewables and New Business.
Brazil has an installed capacity of 21 GW of wind power and 14 GW of solar power, according to industry associations.
Earlier in October 2021, Galp agreed to acquire two clusters of solar projects under development in the Bahia and Rio Grande do Norte States from SER Energia, with capacities of 282MW and 312MW respectively.
Galp is already one of the top producers of solar photovoltaic energy on the Iberian Peninsula, with an installed capacity of 1.2GW already in production. With this new pipeline of projects, Galp’s renewable energy portfolio now totals 9.6GW in several stages of development in Brazil, Spain, and Portugal.
This supports its plan to increase its renewable energy capacity to 4GW by 2025 and to 12GW by 2030.