Portuguese oil and gas company Galp has acquired the 24.99% it did not already own in Titan, a solar joint venture it created with Spanish engineering company ACS Group in 2020.
The stake was acquired for €140 million (US$143 million) from Cobra, an ACS business that was sold to French infrastructure company Vinci last year.
With an operational solar PV portfolio of 1,150MW, Titan has about 1.6GW of additional capacity expected to be online in Spain by 2024.
“By securing full ownership of Titan, which holds a significant part of Galp’s renewables portfolio in Iberia, we gain further control and optionality related with its development, creating new value enhancement opportunities,” said Georgios Papadimitriou, COO at Galp’s renewables and new businesses unit.
Galp secured loans last year from the European Investment Bank to support the construction of more than 2.1GWp of solar projects across Spain and Portugal.
The company has since acquired a 4.6GWp portfolio of under-development solar plants in Brazil, supporting its target of having 4GW of operating renewables capacity by 2025 and 12GW by 2030.