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EIB approves €690m loans for Galp's solar projects in Spain and Portugal

26 Oct 2021

The European Investment Bank (EIB) has awarded a €325m green energy loan to finance Galp's solar PV plants with a total capacity of about 2 GW across Spain (power plants ranging between 24 MW and 449 MW in Andalusia, Aragon, Castilla la Mancha and Extremadura). An additional €325m is approved to be lent by the EIB in project finance format at a later stage. The financial institution will also provide a €40m green energy loan to finance 144 MW of solar PV plants in Algarve, Portugal, and €42m loan to support the roll-out of 5,500 charging points in Spain and Portugal. Overall, the EIB and Galp have signed a total financing of €407m that could be increased up to €732m at a later stage, with an additional approved amount of €325m. 

In January 2020, Galp  reached an agreement with the Spanish construction company ACS Group to acquire ACS' portfolio of solar projects in Spain, including 900 MW in operation and 2 GW in the pipeline. The total installed capacity of the solar power plants included in the transaction will reach 2.9 GW in 2023. Galp aims to exceed 4 GW of installed renewable power capacity by 2025 and 12 GW by 2030.

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