In the update of the strategic plan communicated to the market on 2 June, the oil company led by Andy Brown says that renewable energy should represent around 30 percent of the group’s net investment, “reflecting the needs of net equity for the development and expansion of the portfolio”.

The oil company’s goal is to achieve “a gross renewable energy generation capacity in operation exceeding 4 GW [gigawatts] by 2025 and about 12 GW by 2030, of which Galp expects to maintain a share of about 50 percent”, reads in the statement sent to the Portuguese Securities Market Commission (CMVM).