Portuguese oil and gas company Galp has reached an agreement with the Spanish construction company ACS Group to acquire ACS' portfolio of solar projects in Spain, including 900 MW in operation and 2 GW in the pipeline. The total installed capacity of the solar power plants included in the transaction will reach 2.9 GW in 2023. The transaction is estimated at €2.2bn, including the acquisition, development and construction of the projects. Galp Energia will pay €450m to ACS and assume liabilities amounting to €430m from the solar power plants under operation. The group will then invest around €1.3bn in developing the 2 GW solar portfolio. Subject to approvals, the transaction is expected to close in the second quarter of 2020.
The acquisition is in line with Galp Energia's strategy to dedicate 40% of its investment to business opportunities related to the energy transition. Taking into account potential divestment, the group plans to invest €1-1.2bn/year over the 2020-2022 period.
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