Portuguese oil & gas group Galp has bought a near-5GW renewable energy portfolio in Brazil that doubles its global green power portfolio.
Galp will acquire a range of solar and wind assets on their completion after striking deals with local developers SER Energia and Casa dos Ventos. No financial terms were disclosed.
The deal for up to 4.8GW of mostly PV capacity levers Galp’s total renewable energy portfolio up to 9.6GW across Spain, Portugal and Brazil.
The company is chasing targets to have 4GW of renewables operating by 2025 and 12GW by 2030.
As well as its burgeoning renewables base, Galp is also moving into green hydrogen and other energy transition activities in Portugal.
The group is involved in a major renewable H2 project in its domestic market called GreenH2Atlantic that also includes EDPR, Vestas, Engie and Martifer.
Galp has also agreed to set up what’s billed as Europe’s largest and most sustainable integrated lithium conversion plant in Portugal in conjunction with Swedish battery specialist Northvolt.
The oil & gas group was last month ranked fourth out of 41 fossil players on the readiness of its business model for the energy transition after analysis by BloombergNEF.
Georgios Papadimitriou, Galp chief operating officer of renewable energies and new business, said the Brazilian deals build on the group’s position as the nation’s third-largest oil & gas player: “We are now adding a new engine of growth, leveraging Brazil's vast potential in renewable energies, and rebalancing our business in the country in line with our ambitions of transitioning to a cleaner energy model.”