Galps To Have 10GW Clean Energy Portfolio By 2030
Major oil corporation Galp is allocating more than 15 percent of its investments to renewable power by 2030, according to PVTech.
Galp hopes to achieve a 10GW clean energy portfolio by the end of the decade. Recently, the conglomerate stated that its main focus area would be on the Iberian Peninsula, but is not closer the door on opportunities elsewhere.
Galp expects to hit 3.2GW by 2023, with a 10 percent equity return on the portfolio. In early January, Galp and ACS Group committed to delivering 2.9GW of Spanish PV within 4 years. The Spanish PV market has been lucrative in recent years and is expected to increase.
The renewables power generation portfolio is “a natural hedge to our Iberian activities, aligned with the global electrification trend and with the transition path to reduce our carbon intensity,” said the company in a recent statement.
Major oil corporation Galp is allocating more than 15 percent of its investments to renewable power by 2030.