January 23 (Renewables Now) - Portuguese energy conglomerate Galp (ELI:GALP) has agreed to acquire a 2.9-GW solar portfolio from Spanish construction engineering company ACS Actividades de Construccion y Servicios SA (BME:ACS).
Galp is buying over 900 MW of operational photovoltaic (PV) plants and a pipeline of projects at different stages of development but all with a secured grid access permit and connection planned by 2023, the Portuguese company said on Wednesday.
According to the filling, the transaction has a total value of EUR 2.2 billion (USD 2.44bn) up to 2023, of which EUR 450 million will be paid at closing and EUR 430 million of project finance debt to be assumed.
Galp plans to project finance all the pipeline's remaining PV schemes. The company also does not discard the possibility of bringing a potential partner to its renewables ventures.
ACS announced it reached an agreement to sell some 3 GW of Spanish assets at the beginning of the year.
This deal is expected to be completed in the second quarter of the year as it is subject to certain usual conditions, Galp noted.
(EUR 1 = USD 1.109)