Galp and TotalEnergies to Jointly Explore Offshore Wind Opportunities in Portugal

Source Company Press Release
Company Galp Energia, TotalEnergies SE
Tags Country: Portugal, M&A: Corporate Deal, Deals, Renewables: Renewables News, Segment: Power
Date June 20, 2023

Galp and TotalEnergies agreed to jointly explore potential offshore wind opportunities in Portugal, as the country prepares to promote a plan for 10 GW of offshore wind-power capacity in the coming years.

The two companies will work together to develop potential offshore wind projects along the Portuguese coast. This partnership will combine Galp’s strong presence, experience, and knowledge in the Portuguese market with TotalEnergies’ expertise in large-scale offshore wind projects (with a 12 GW global portfolio) and growing Iberian presence. Both companies can leverage their technical strengths and understanding of energy markets to play a key role in the development of the offshore wind industry in Portugal.

Galp and TotalEnergies share a commitment to the energy transition and are determined to develop renewable energy sources that will help to reduce carbon emissions and promote sustainable development, in line with both companies’ ambition of achieving net zero emissions worldwide by 2050.

Portugal, one of the European countries with the highest share of wind power in its electricity mix, has set the ambition to promote the development of 10GW of offshore wind capacity, opening a range of opportunities given its wide coastline with favourable weather conditions and the existing industrial infrastructure.

'We are delighted with this new partnership with Galp, one of the most relevant players in Iberia, which will contribute to our ambition to install 100 GW of global renewable generation capacity by 2030. TotalEnergies is a major player in the energy transition in Europe. Offshore wind energy will strengthen TotalEnergies' renewable activities in Portugal where we have a total portfolio of more than 1 GW of solar and wind projects in operation or under development,' said Olivier Terneaud, VP Offshore Wind at TotalEnergies.

'Galp plans to transform its industrial base in Portugal to provide a wide range of low-carbon energy solutions and renewables are the backbone for this transition,' said Georgios Papadimitriou, Galp’s Executive Board member for Renewables, New Businesses, and Innovation. 'As the country is looking into offshore wind, we could think of no better partner to team-up with than TotalEnergies as we prepare to explore this new opportunity,' he added.

In Portugal, TotalEnergies has more than 130 employees, working on renewable energies, and a portfolio of more than 550 MW of wind and solar energy under development. It operates with one of its affiliates, Total Eren, a portfolio of 545,1 MW of installed RES capacity covering several technologies, namely onshore wind, solar PV, as well as hydro.

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