Portuguese energy company Galp has taken an important step in its renewables strategy in the Iberian Peninsula with the purchase of a portfolio of 351 megawatts (MW) of wind power in SpainIn a deal valued at around €320 million, the company has acquired several existing wind farms, reinforcing its shift towards a more diversified multi-energy model.
With this acquisition, the Lisbon-based company not only increases its presence in onshore wind power, but also It balances a portfolio that has so far been clearly dominated by solar energy.The operation consolidates Galp as one of the relevant players in the energy transition in southern Europe, with a special focus on the Iberian market.
Details of the transaction and characteristics of the assets
The transaction has been agreed with the Helia funds, a platform powered by Plenium Partners and Bankinter Investment, and includes a package of 17 onshore wind farms in operation These wind farms are located in various parts of Spain with good wind resources. They are mature facilities, with an average commissioning date of around 2009.
These assets operate under market conditions and exhibit a solid operating track record, with an average annual production of close to 750 gigawatt hours (GWh)In some statements, this figure is placed slightly higher, around 760 GWh per year, which confirms the stable and consolidated nature of the generation of these parks within the Spanish electricity system.
The purchase amount is around 320 millones de eurosThis figure is in line with the profile of mature assets and market-linked income. The company expects the transaction to close during [month/year]. 2026 second quarter, once the usual regulatory and administrative procedures for this type of transaction have been completed.
For the selling funds, the transaction represents the culmination of the divestment process for a significant portion of their wind energy portfolio. In fact, the sale includes assets from several Helia Renovables vehicles, closing the wind energy phase for some of them and leaving... Helia IV focuses primarily on photovoltaics in Spain and Italy, as the managers themselves have pointed out.
Impact on Galp's renewable energy mix
Until now, Galp's renewable energy business was clearly focused on photovoltaics, with a significant presence in Spain and Portugal. Following this acquisition, the Portuguese firm increases its total installed renewable capacity up to 2 gigawatts (GW)achieving a more balanced distribution between technologies.
With the integration of these 351 MW of wind power, the wind energy will come to represent approximately a quarter of all of Galp's renewable production. This rebalancing has a direct effect on the stability of generation, since the hourly profiles of solar and wind production are usually complementary, which allows for smoothing peaks and valleys in the supply curve.
The company emphasizes that the combination of both technologies helps to reduce revenue volatility and improve the electricity production profileIn a context of highly variable electricity prices, having a diversified portfolio has become a key factor in maintaining competitiveness and offering more stable contracts to industrial and commercial clients.
Furthermore, the operation fits with Galp's strategy of positioning itself as integrated producer of clean energy in the Iberian marketnot only by supplying renewable electricity, but also by supporting the decarbonization of other sectors through solutions such as battery storage or hybridization of projects.
Investment plan and roadmap 2025-2026
The purchase of this wallet falls within the Galp's investment guidelines (net capex) for the period 2025-2026The company plans to allocate up to €800 million annually, on average, to strategic projects. Therefore, the operation does not represent an extraordinary effort, but rather fits within the financial plan already communicated to the market.
In the words of Georgios Papadimitriou, executive vice president of Renewables at GalpThe acquisition reflects the company's long-term vision: to grow in a disciplined manner, with quality assets, building a more diversified and resilient portfolio. The executive emphasizes that the complementarity between solar and wind power allows for reduced volatility, improved supply stability, and strengthened sustainable value creation.
Galp wants to establish itself as a key player in the energy transition in southern EuropeStraddling the Iberian Peninsula, Brazil, and several African countries, its strategy involves continuing to promote wind and solar projects, but also developing new low-carbon energy vectors, such as advanced biofuels and synthetic fuels.
In this sense, the deal with Helia represents a further step in a growth plan that is not limited to adding megawatts, but seeks configure a balanced portfolio by technology, geography and risk profileThe acquisition of mature parks in Spain provides cash and stability, while other projects under development offer additional growth potential.
Galp's presence in renewables in Spain and Portugal
In the field of clean energy generation, Galp has positioned itself in recent years as one of the leading photovoltaic solar operators in the Iberian PeninsulaIt currently has around 1,7 GW of installed capacity between Spain and Portugal, mainly in large grid-connected plants.
In addition to that already operational solar base, there are more than 350 MW in projects under construction, which combine new photovoltaic installations with battery storage systemsMany of these projects are scheduled to become operational before the end of 2026, which will further increase the weight of renewables in the company's balance sheet.
Galp's Renewables business unit focuses on the development, construction and operation of renewable electricity assetswith priority given to the Iberian market, considered strategic due to its size, regulatory framework, and natural resources. This platform manages both projects in operation and those in the development or construction phase.
Beyond generation, the company is also exploring solutions for hybridization of parks and storage to improve the competitiveness of the energy produced. These initiatives help to mitigate the intermittency of renewables and offer flexibility services to the electricity system, something increasingly valued by network operators.
The role of Helia, Plenium and Bankinter in the operation
On the seller's side are located the Helia Renovables funds, managed by Plenium Partners and Bankinter InvestmentThe portfolio that Galp is acquiring consists of 17 wind farms located in areas with high generation capacity and a consolidated performance for more than a decade.
For Helia II and Helia III, this transaction means practically complete its divestment process in wind assetsIn the case of Helia IV, this involves the sale of its last wind farm, leaving the fund focused exclusively on photovoltaics in Spain and Italy. Thus, the asset managers are readjusting their strategy towards assets with different profiles and time horizons.
Bankinter Investment and Plenium Partners have also agreed to the integration of their managersIn a transaction still pending regulatory approval, the new joint platform aims to establish itself as one of the major European players in alternative investment, with nearly €14 billion in assets under management, more than 15.000 investors, and a presence in 14.000 countries and 11 sectors.
The sale of this wind portfolio to Galp fits with that corporate move, freeing up resources and simplifying investment structures in order to continue to promote new opportunities in renewables and other real assets in Europe. At the same time, it maintains Plenium and Bankinter as relevant players in the development of energy infrastructure on the continent.
Overall, the purchase of these 351 MW of wind power in Spain consolidates Galp's position as a renewable energy leader in the Iberian Peninsula, strengthens the company's industrial presence in the country, and allows it to move towards a a more diversified energy mix, better prepared for the challenges of the energy transition, relying on mature assets, projects under development and a sustained investment strategy.
