Galp Energía to acquire ACS' Spanish solar assets for €2.2bn

The Portuguese gas company Galp Energía is to acquire Zero-E the renewable energy subsidiary of Spanish construction company ACS. Galp says that the €2.2-billion investment will make it "the largest solar energy company in the Iberian peninsula".

The transaction, which is due to be completed by the end of January, covers currently operating photovoltaic plants, with a capacity of 900 MW, as well as a further 2.9 GW under development. In July 2017, Zero-E secured 1.55 GW of capacity in a Spanish renewables auction.

The Galp acquisition covers only ACS' assets in Spain. The construction giant, which has developed 26% of its renewables assets in South America and 29% in North America, says that it remains committed to the development of clean energy.

The transaction is in line with Galp’s strategic objective of allocating about 40% of its investment to business opportunities related to the energy transition,” said Galp Energía in a statement. “The average annual net investment of the company for 2022 remains within the committed range of between €1 to 1.2-billion per year.”

Galp's first foray into the Spanish market came in 2018 when the natural gas company acquired a 25% stake in power retailer Podo. Last year, Galp signed power purchase agreements connected with solar projects in Spain developed by X-Elio and Grenergy, each having a capacity of 200 MW.

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