Galp has agreed to acquire a portfolio of operational onshore wind assets in Spain with a combined capacity of 351MW from Helia Funds, a platform co-sponsored by Bankinter Investment and Plenium Partners.
The assets span 17 sites across the country, operating under merchant market conditions and producing an estimated 750GW-hours (GWh) annually.
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The transaction carries an equity value of approximately €320m ($373m) and is expected to be completed by the second quarter of 2026.
Upon completion, Galp’s total installed renewable capacity will reach 2GW, with wind power accounting for roughly one-quarter of the company’s renewable generation.
The company stated that the integration of the Spanish wind portfolio will increase the diversity of its technologies and contribute to its strategy in the Iberian power market.
Galp maintains that this acquisition falls within its capital expenditure guidance for 2025–26, which is set at or below €800m per year on average.
Company representatives emphasised that the purchase will support Galp’s renewable energy growth plans and further diversify its generation assets in line with its long-term objectives.
Last February, the European Investment Bank (EIB) approved a €430m loan to support two renewable energy projects at Galp’s Sines Refinery in Portugal.
The financing will help fund a biofuels unit and a renewable hydrogen facility, both integral to Galp’s plans to decarbonise heavy-duty road transport and the aviation sector.
The biofuels plant, developed in partnership with Mitsui of Japan, represents a total investment of €400m, with the EIB contributing €250m.
The unit will process vegetable oils and residual fats to produce sustainable aviation fuel and renewable diesel with chemical properties similar to conventional fossil fuels.
Galp expects the unit to become operational in 2026 and reach an annual output of up to 270,000t of renewable fuels.
