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".
Photo: Galp
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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