Portugal’s Galp pays 140 million euros to get full ownership of Titan Solar

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FILE PHOTO: A Galp Energia refinery near Sines

MADRID – Portugal’s Galp Energia has bought the 24.99% it does not already own of Titan Solar, a renewable energy joint venture created with Spanish engineering firm ACS in 2020, the company said in a statement on Thursday.

Galp bought the stake for 140 million euros ($142.5 million) from Cobra, an ACS unit that was recently sold to French group Vinci.

Titan Solar now operates solar parks with an installed capacity of 1.15 GW and is developing more projects with a potential capacity of 1.6 GW.

Galp has said it expects to operate plants with 4 GW capacity by 2025 and 12 GW by 2030.

($1 = 0.9825 euros)

(Reporting by Christina Thykjaer; Editing by Inti Landauro and Edmund Blair)