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Galp becomes largest Iberian solar power player

Christian Fernsby ▼ | January 23, 2020
Galp reached an agreement with the ACS Group for the acquisition of projects for the generation of photovoltaic energy in Spain, thus becoming the main solar power producer in the Iberian Peninsula.
Spain solar power
Energy in Spain   Spain solar power
Assets include photovoltaic power plants under operation with an installed capacity of 900 MW.

Topics: Galp solar power

It also comprises projects under way or in the licensing stage to bring the total installed generating capacity to 2.9 GW by 2023, enough to supply the average consumption of 1.8 million households.

They will also contribute to avoid the emission of an equivalent 87 million tons of CO2.

The transaction, which includes the acquisition, development and construction of the projects, has a total value of €2.2 billion by 2023.

Galp aims to finance the additional developments in the 2020-23 period through project finance and will look for possible partnership opportunities in the renewables sector.

The deal should be closed in the second quarter of 2020, subject to certain usual conditions.

At that time, Galp is expected to make a payment of €450 million and to assume liabilities amounting to €430 million from the project finance for solar plants under operation.