EIB will finance Galp with €732 million to produce clean energy
EIB and Galp have signed three financing projects that will generate on average a total of 3.6 TWh of renewable energy/year, enough for approximately 940,000 homes.
The European Investment Bank (EIB) and Galp announced this Friday the signing of three financing agreements to build solar photovoltaic plants and distribute electric vehicle charging stations throughout Iberia.
It’s a global financing of €406.5 million, which may increase up to €731.5 million. This is because an additional €325 million has been approved to be supported by the EIB as project finance at a later stage.
The three projects will generate on average a total of 3.6 TWh of renewable energy/year, equivalent to the energy consumption of approximately 940,000 homes.
In practice this is:
- A €325 million EIB green energy loan to finance Galp’s solar parks with a total capacity of around 2 GWp in Spain.
- A €40 million EIB green energy loan to finance the company’s photovoltaic project in the Algarve region, Portugal.
- And finally, a €41.5 million EIB loan to support Galp’s electric mobility project in Iberia.
