-- Portugal's energy company, Galp, has agreed to acquire a 351-megawatt portfolio of onshore wind assets in Spain from Helia Funds, as part of a broader push to expand and diversify its renewable energy footprint in the Iberian power market, Galp said in a statement on Thursday.
The portfolio includes 17 wind farms located across high-quality wind resource areas in Spain. The assets, which began commercial operations on average in 2009, operate under merchant market conditions and collectively generate around 750 gigawatt-hours of electricity annually.
The deal implies an equity value of approximately 320 million euros ($373.6 million) and is expected to close in the second quarter.
Following completion, Galp said its installed renewable capacity will rise to about 2 GW. The acquisition will also increase wind energy's share of the company's renewable generation mix to roughly 25%, improving pricing capture and strengthening the resilience and contribution of its renewables business, the company said, adding that the transaction aligns with Galp's capital expenditure guidance of 800 million euros or less per year on average for 2025-2026.