Oil and gas company Galp is acquiring a portfolio of under development solar plants in Brazil with a combined capacity of up to 4.6GWp.
An agreement with Brazilian developer SER Energia will see Galp purchase the assets, which will be constructed across Brazil. It is also buying 216MW of wind farms under development in the country.
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The company is “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, Galp’s renewable energy and new businesses COO.
The deal follows Galp entering Brazil’s renewables sector last October with the acquisition of two clusters of solar projects under development in the Bahia and Rio Grande do Norte states from SER Energia. With a total capacity of 594MWp, those assets are expected to be operational by 2025.
Galp last year also secured loans from the European Investment Bank to support the construction of more than 2.1GWp of solar projects in Spain and Portugal.
With the latest acquisition, the company’s total renewables development portfolio has reached 9.6GW, located in Brazil, Spain and Portugal, supporting the company’s goal of having 4GW of operating renewables capacity by 2025 and 12GW by 2030.
Other announcements in Brazil’s solar market this year include oil and gas major Shell and steel company Gerdau forming a joint venture for the development and operation of a 260MWp PV project in the state of Minas Gerais while independent power producer Scatec revealed plans for a 532MW project in Rio Grande do Norte.