Portuguese oil and fuel firm Galp has acquired the 24.99% it didn’t already personal in Titan, a photo voltaic three way partnership it created with Spanish engineering firm ACS Group in 2020.
The stake was acquired for €140 million (US$143 million) from Cobra, an ACS enterprise that was offered to French infrastructure firm Vinci final yr.
With an operational photo voltaic PV portfolio of 1,150MW, Titan has about 1.6GW of extra capability anticipated to be on-line in Spain by 2024.
“By securing full possession of Titan, which holds a major a part of Galp’s renewables portfolio in Iberia, we achieve additional management and optionality associated with its improvement, creating new worth enhancement alternatives,” stated Georgios Papadimitriou, COO at Galp’s renewables and new companies unit.
Galp secured loans final yr from the European Funding Financial institution to help the development of greater than 2.1GWp of photo voltaic initiatives throughout Spain and Portugal.
The corporate has since acquired a 4.6GWp portfolio of under-development photo voltaic vegetation in Brazil, supporting its goal of getting 4GW of working renewables capability by 2025 and 12GW by 2030.