Galp fully acquires solar company Titan
The company has purchased the 24,99% shares remaining to complete the full acquisition of Titan 2020, the joint venture created alongside the ACS Group in 2020.
Galp announced it has fully acquired Titan Solar after purchasing the 24,99% shares remaining to completely own the company. Therefore, the firm has taken over the Titan 2020 S.A. joint venture that was created alongside the Group ACS in 2020.
Titan’s portfolio includes 1.15 GW of solar photovoltaic (PV) plants in operation and several projects at different stages of development of 1.6 GW of additional capacity, all in Spain. The projects are expected to be operational by 2024. The transaction involved a total of 140 million euros to Cobra, the biggest construction company in the country which previously took ACS’ place.
"By securing full ownership of Titan, which owns a significant part of Galp's renewables portfolio in Iberia, we gain more control and options related to its development, creating new opportunities for value creation," said Georgios Papadimitriou, COO of Renewables & New Businesses at Galp.
Titan was created when ACS sold 75% of the firm that concentrated its shareholdings in photovoltaic energy projects in the nation. Thanks to this acquisition, Galp’s energy production plans involve an operational capacity of more than 4 GW by 2025 and 12 GW by 2030.
