Galp’s head of Renewable Energy Innovation Centre Emilien Simonot and its environment and CSR manager Claudia Montenegro detail the essential considerations for the solar industry from an ESG perspective.
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.
Oil and gas company Galp has secured loans from the European Investment Bank (EIB) to support the construction of more than 2.1GWp of solar projects across Spain and Portugal.
Portugal has chosen a total of 37 prospective green hydrogen projects, representing a total investment of around €9 billion (US$10.5 billion) to progress to the next stage of its selection process.
Deal announced in January to become Iberia’s ‘largest solar power player’ by sponsoring 2.9GW portfolio will go ahead despite slashing expenditure as COVID-19 sends oil prices crashing.
Crash of crude prices as virus tightens global grip may create challenges for firms relying on oil revenues as they finance a shift to green energy, IEA warns.
Recent buyer of 2.9GW solar portfolio in Spain means to go further with plans to allocate up to 15% of investments in renewables in Iberia and other markets.
Oil major’s deal with ACS Group to amass massive pipeline in Spain marks the latest boost for the country, said by regulators to have nearly doubled PV capacity in a single year.
