DNV supports Galp's 351 MW acquisition in Spanish wind
DNV acted as Technical Advisor to Galp on the acquisition of a 351 MW portfolio of 17 operational onshore wind farms in Spain from Helia Funds, a platform co-sponsored by Plenium Partners and Bankinter Investment. Galp is a Portugal-based integrated energy company, operating across the full oil and natural gas value chain, as well as in renewable power generation and marketing.
The transaction required a coordinated technical assessment across 17 sites operating under different contractual and regulatory frameworks. DNV conducted site inspections, operational performance reviews, energy yield assessments, turbine technology evaluations, remaining useful lifetime analyses, and permitting checks within a compressed timeline. The scope also included an evaluation of each asset’s repowering potential, which is becoming increasingly relevant as Spain’s wind fleet ages.
"Evaluating 17 individual wind farms across different technical and contractual regimes within a tight deadline demands both breadth and precision," said Brice Le Gallo, Vice President and Regional Director for Energy Systems in Southern Europe, Middle East, Africa and Latin America at DNV. "The complexity is real, and that's precisely where rigorous due diligence determines whether an acquisition creates or destroys value."
For Galp, the transaction accelerates the company’s strategy to enhance and diversify its renewable generation base in the growing Iberian power market. For the Spanish market, the transaction reflects a broader dynamic: established energy companies are increasingly acquiring operational wind assets rather than greenfield projects, prioritising speed to capacity.
Repowering, the process of upgrading existing wind assets and power plants with new and more efficient technology, is an important part of this context. Spain has set a target to source 74% of its electricity from renewables by 2030, and upgrading existing wind assets is expected to play a key role alongside new capacity additions.
According to DNV’s Spain Energy Transition Outlook, installed renewable capacity in the country is projected to increase significantly by mid-century, with wind capacity reaching around 120 GW by 2050, alongside continued solar expansion. Delivering this growth will depend on progress in permitting, grid development and interconnections.
These priorities are echoed in DNV’s newly published report Spain’s path to decarbonization, which highlights that Spain’s power-sector progress – with renewables already supplying 56% of electricity – must now be matched by continued policy support for wind and solar, network upgrades, and stronger stakeholder and community engagement to integrate rising volumes of variable renewables.
The report was published ahead of WindEurope 2026 in Madrid, where the industry focused on accelerating wind deployment across the continent. Spain’s strong growth in wind and solar capacity and increasing focus on asset optimisation and repowering - trends reflected in this transaction - highlight the market momentum that was central to discussions at this key regional industry gathering.