Galp targets 10 GW of installed renewables by 2030

20/02/2020 09:18 Renewable


Portuguese energy conglomerate Galp announced on Tuesday it is targeting around 10 GW of installed renewable power generating capacity for 2030.

The company will primarily focus on the Iberian Peninsula but it will also look at opportunities in other countries that fit its investment criteria.


In order to achieve the goal, Galp will allocate between 10% and 15% of its total investment to renewables and attempt to capture opportunities from new businesses that could be scaled up, the firm stated in its press release.


Last month, the company announced the acquisition of a 2.9-GW solar portfolio from Spanish construction engineering company ACS Actividades de Construccion y Servicios SA (BME:ACS). The transaction is valued at EUR 2.2 billion (USD 2.3bn) up to 2023.


About 914 MW of the newly acquired assets are already operating. Together with the remaining solar projects under development in Iberia, Galp estimates it will reach a total of 3.3 GW by 2023.


Daily (08.07.2020): German and French spot electricity prices at their highest levels since the end of January amid lower renewables output and nuclear availability

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Crude oil futures were little changed on Tuesday as an apparent optimism that U.S. crude inventories will decline this week was overshadowed by the surge in coronavirus cases in parts of the world which continued to pressure prospects for energy demand. Hence, Brent crude for September delivery steadied at $43.08 a barrel, while the U.S. WTI crude stagnated at $40.62 a barrel.


Denmark allows Nord Stream 2 to complete pipeline hit by US sanctions

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By allowing the usage of anchored vessels, the permit gives Nord Stream 2 more freedom of choice of Russian pipelaying vessels it can use for finalising construction


Simply Blue seeks to survey area for up to 1-GW Celtic Sea wind farm

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Simply Blue Energy is seeking permission to conduct survey activities near the Kinsale gas platform in the Celtic Sea for a potential offshore wind project of 988 MW that will be using the Windfloat platform.