Agência para o Investimento e Comércio Externo de Portugal


Portuguese energy company Galp Energia SGPS SA (ELI:GALP) has gained full ownership over Titan 2020 SA, its solar-focused joint venture (JV) with Spanish construction group ACS (BME:ACS), after acquiring the 24.99% stake it did not already own.

Galp said on Thursday it had bought the stake for EUR 140 million (USD 142.3m) from Cobra, a former unit of ACS that took over the parent’s position in Titan earlier.


Galp and ACS established the Titan JV in September 2020 with the aim of developing a 2.9-GW solar portfolio in Spain. The Portuguese oil-and-gas major held a 75.01% stake in Titan from the start.


At present, Titan runs a portfolio in Spain that includes 1.15 GW of solar farms in operation and several projects in various stages of development, Galp said. A group of additional 1.6 GW of projects is expected to start operations by 2024.


According to Galp, Titan holds a significant part of the group’s renewables portfolio in Iberia.