Galp has taken a further step towards rebalancing its power portfolio, having acquired a 361 MW fully operational onshore wind portfolio in Spain from Acciona Energía.

Building on the wind acquisition in Spain announced in April, Galp further enhances the scale and technology diversification of its renewables platform. Consistent with capital optimisation initiatives being pursued across Galp’s broader portfolio, this transaction strengthens Galp’s positioning to evaluate strategic partnership opportunities towards alternative ownership and financing structures, while retaining optionality in its exposure to the long‑term growth of the Iberian power market.

The portfolio comprises 15 onshore wind farms located across Spain in regions with strong wind resources and established operating track records. With an average commercial operation date of 2005, the assets are fully operational and are expected to generate approximately 0.8 TWh of electricity annually, currently under merchant conditions.

The transaction, with simultaneous signing and closing, and no conditions precedent, reflects an enterprise value of €420 million, as of January 1, 2026, and carries no associated net debt. The acquisition immediately scales-up Galp’s renewables platform, bringing forward capacity growth and reducing future organic capital requirements.

Following this acquisition, Galp will increase its total installed renewable capacity to 2.7 GW, delivering annual power generation of c.5 TWh, with wind representing c.30%.

The evolution of the technology mix will enhance Galp’s generation profiles, increase exposure to higher-value capture opportunities across power markets, and strengthen the overall returns profile of Galp’s renewables position. On a pro-forma basis, assuming consolidation of both wind portfolios from the start of the year, Galp Renewables Ebitda for 2026 would be approximately €110 million, a material step-up in scale and profitability.

KeyFacts Energy: ACCIONA Spain country profile   l   KeyFacts Energy: Wind Energy