Galp, Portugal’s leading oil and gas company and a major generator of power, has signed a contract with Spain’s Grenergy Renovables to purchase long-term renewable energy, between 300 and 360 gigawatts per year (GWh per year), the Portuguese energy company said yesterday.
“This contract underpins 200 megawatts (MW) solar power generation projects in Spain, currently under development, covering a total amount of 300 to 360 gigawatts a year over a 12-year period, which will be progressively allocated to Galp’s commercial activities starting in August 2021,” the company said in a statement sent to the Securities Market Commission (CMVM).
This is the second contract for the purchase of long-term renewable energy signed by the company this year, increasing to over 650 GWh per year of renewable energy acquired by Galp to date.
“When operational, the projects are expected to generate enough energy to supply more than 200,000 homes, saving more than 430 kilotonnes of CO2 a year,” the statement said.
The agreement is part of Galp’s strategy to ensure a balanced and competitive long-term supply for its energy supply activities, the Portuguese company said.
Galp expects to provide its customers with access to efficient and environmentally sustainable energy solutions, according to the information.
Grenergy Renovables is an independent Spanish producer of renewable energy sources, mainly wind and photovoltaic power.
Created in 2007, this company has been listed on the Alternative Stock Exchange since 2015, and the business model covers all phases of the project, from development, construction, financial structuring to the operation and maintenance of the plants.
In 2012, the company expanded to Latin America, where it is present in Chile, Peru, Argentina, Mexico and Colombia, with a ‘global pipeline’ of more than four gigawatts (GW) in the most diverse phases of development.