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High Interest Rates Hinder Galp’s Renewables Expansion

RENEWABLES

Portugal’s Galp said it likely won’t meet its renewables expansion target of 4GW by 2024 due to high interest rates and low power prices, a company spokesman told Bloomberg.

  • Last year, Galp said that is renewables targets for 2025 were under review as it reevaluated projects in Brazil.
  • “Interest rates, which have risen sharply in the past two years, may not come down as far or as quickly as markets anticipate. This increased cost of capital has profound implications for the energy and natural resource industries, particularly the cost and pace of the transition to low-carbon technologies,” WoodMac said in April.
  • Higher interest rates disproportionally affect renewables and nuclear energy due to high capital intensity and low returns, WoodMac said.
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