Galp acquires 100% of Titan

 In News, Solar energy

Portuguese oil and gas company Galp has acquired a further 25% of solar energy company Titan.

It means that it now owns 100% of the photovoltaic company in a deal which is estimated to have cost €140 million.
Titan was set up as a joint venture with the Spanish group ACS,
In a communiqué sent to the Portuguese stock market commission (CMVM), the company led by Andy Brown states “this share was acquired from the company Cobra, which prior to this had belonged to ACS, for €140 million.
In September 2020, Galp and ACS completed the transaction which resulted in the creation of a joint venture with a view to developing a portfolio of photovoltaic solar energy projects in Spain with a 2.9GW electricity power generation capacity.
At that time, the Portuguese energy company acquired 75.01% of the joint venture with ACS maintaining a 24.99% share. Now the company has 100%.
Titan’s portfolio includes 1.15GW solar farms already in operation, and other projects with a 1.6GW capacity at different phases of development which are scheduled for completion by 2024. All of the solar farms are in Spain.