SPAIN AND PORTUGAL: EIB TO PROVIDE GALP WITH 732 MILLION TO PROMOTE CLIMATE ACTION AND SOCIAL COHESION
- Oct 22, 2021 2:15 pm GMT
The following information was released by the
Overall, Galp and the EIB signed a total financing of 406.5 million, which could be increased up to 731.5 million at a later stage, with an additional approved amount of 325 million. Altogether, the three projects support climate action and social cohesion, and will generate on average a total of 3.6 TWh of renewable energy/year, the equivalent energy consumption of nearly 940 000 households.
"We are delighted to support Galp in its decarbonisation pathway and join forces to promote climate action and renewable energy generation in both
"Galp's commitment to become a carbon neutral company pushes us to be bold in the actions we take today while making sure we thrive through the energy transition" said Galp's CEO
EIB loan of 325 million to finance Galp's photovoltaic project consisting of a c. 2 GWp portfolio of solar photovoltaic plants in
The largest agreement announced today consists of an EIB green energy loan of up to 325 million, to finance the construction of a large number of utility-scale solar photovoltaic plants in
With sizes ranging from 24 MWp to 449 MWp, the photovoltaic plants will be located across
The EIB financing will promote the security of energy supply, the fight against climate change, job creation and social cohesion while contributing to the Spanish renewable energy objectives established in the National Integrated Energy and Climate Plans (PNE).
EIB loan of 40 million to finance Galp's photovoltaic project consisting of a c. 144 MWp solar photovoltaic plants in the Algarve region,
As a result of the second agreement, the EIB will grant a 40 million green energy loan for Galp to build and operate four interconnected solar photovoltaic power plants with a total capacity of 144 MWp in Algarve (south of
Once operational, the four photovoltaic plants are expected to generate on average 230 GWh of renewable energy per year, equivalent to the annual energy consumption of 72 800 households. The agreement contributes to the
Galp's total gross renewable generation operational and development pipeline totals 4.7 GW spread through
EIB loan of 41.5 million to promote Galp's electric mobility project that consists of the deployment of EV charging stations in
The road sector accounts for three-quarters of all transport emissions in the
The project foresees the rollout of 5,500 charging points by 2025, 55% of which will be deployed in less developed and transition cohesion regions across Iberia. The agreement is also expected to contribute to developing the electric vehicle charging infrastructure market, improving technology performance, reducing initial equipment costs, and mobilising investments in electric vehicle industries, thus contributing to more efficient and affordable vehicles.
In line with the EIB's Transport Lending Policy, the project is supported by the Cleaner Transport Facility (CTF) and benefits from the Connecting Europe Facility Debt Instrument, a financial instrument that supports the objectives of the CTF.
Galp's has the intention to expand its offering of charging points to 10,000 electric vehicles charging points by 2025 in Iberia.
The Cleaner Transport Facility (CTF) is an umbrella to support the deployment of new cleaner technology in transport by making use of the tools the EIB and the EC can offer. The objective of CTF is to support the accelerated deployment of cleaner transport vehicles and their associated infrastructure needs, such as for charging and refuelling, which are expected to foster socio-economic benefits including reduced health costs due to cleaner air and lower noise.
The Connecting Europe Facility (CEF) is an EU funding instrument to promote growth, jobs and competitiveness through targeted infrastructure investment at European level. In addition to grants managed by the
Galp is an energy company committed to the development of efficient and sustainable solutions in its operations and in the integrated offers to its customers. We create simple, flexible, and competitive solutions for the energy or mobility needs of huge industries and small and medium sized businesses as well as the individual consumer... We contribute to the economic development of the 10 countries in which we operate and to the social progress of the communities that host us. We are, therefore, leaders in our sector in the world's main sustainability indices. Galp has 6360 employees.
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