Galp bought the 24.99% that it did not yet hold in Titan 2020, a company created in September 2020 as a joint venture with the ACS group and which has 1.15 GW of photovoltaic solar units.
In a statement sent to the Securities Market Commission (CMVM), Galp reported that the stake was purchased from Cobra, which had taken over from ACS, for 140 million euros.
Titan’s portfolio includes 1.15 GW (gigawatts) of solar PV plants in operation and several projects in different stages of development, with an additional 1.6 GW expected to be in operation by 2024. All projects are located in Spain. , aid.
Galp will fully consolidate Titan in its financial statements and the net debt of this solar unit is around 220 million euros. In the last 12 months, the result before taxes, interest, depreciation and amortization (EBITDA) was 200 million euros.
By securing full ownership of Titan, which owns an important part of Galp’s renewables portfolio in Iberia, we gain control and optionality in relation to its development, creating new value and increasing opportunities”, says Georgios Papadimitriou, COO of Galp Renewables & New Businesses, cited in a statement.
Galp’s renewable generation ambition is to have more than 4 GW of gross operating capacity by 2025 and 12 GW by 2030.
Source: Observadora
