Alina Oprea • 21 December, 2023 at 12:29 PM
The European Investment Bank (EIB) and VGP Renewable Energy N.V. have signed a €150 million framework loan that will support solar panel installation on the roofs of VGP's logistics centers across the European Union. The ten-year loan will contribute to accelerating the energy transition, strengthening the power supply's security, and boosting climate action. It is part of the EIB's dedicated contribution to REPowerEU, the plan to end Europe's dependence on fossil-fuel imports. It will also reduce the carbon footprint of VGP and its clients.
VGP Renewable Energy N.V. is a wholly owned subsidiary of VGP, a listed pan-European real estate business specializing in the acquisition, development, and management of warehouses and semi-industrial buildings. The company is implementing an ambitious initiative to expand renewable energy production within its real estate portfolio across 14 EU countries. The focus of this program is the installation of rooftop solar photovoltaic systems.
The newly installed photovoltaics will generate up to 190 GWh in renewable electricity per year, enough to cover the consumption of 110,000 Europeans. A significant part of the electricity will be used onsite, improving the project's viability.
“There is large untapped potential for renewable energy on the roofs of warehouses and other industrial buildings. With loans like that to VGP Renewable Energy N.V., we can help save scarce agricultural land and natural spaces while increasing renewable energy production. More renewables will help Europe to break away from fossil fuels and lower its dependency on energy imports. Ultimately, this will not only be a win for the climate but also bring down electricity prices, which is in everybody's interest”, says EIB Vice-President Thomas Östros, who is responsible for energy-related operations.
The installation is planned on existing roof areas, meaning the project will not require additional land. Furthermore, it will increase the value of the buildings through new business use.
“We are delighted about the collaboration with the European Investment Bank, which reflects buildings' key role in enabling green and efficient electrification in Europe's energy transition. This is another important recognition of VGP's efforts to enable the transformation to a low-carbon society”, Jan Van Geet, CEO of VGP, commented.