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Portugal’s Galp bets big on solar power with ACS deal

Portugal’s Galp bets big on solar power with ACS deal

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LISBON : Portuguese oil and gas company Galp Energia (GALP.LS) will buy solar power projects from Spain’s ACS (ACS.MC), envisaging total spending of 2.2 billion euros in the next four years and making Galp the leading solar power producer in Iberia.

Galp said in a statement on Wednesday it would pay ACS 450 million euros when the deal for a total of 2.9 gigawatts of capacity, most of it yet to be built, is closed, and assume 430 million euros worth of project finance debt.

Source : reuters
Anand Gupta Editor - EQ Int'l Media Network

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