The European Investment Bank (EIB) and VGP Renewable Energy N.V. announced the signing of a €150 million framework loan that will support solar panel installation on the roofs of VGP’s logistics and semi-industrial centres across the European Union. The ten-year loan will contribute to accelerating the energy transition, strengthening the security of power supply and boosting climate action. It is part of the EIB’s dedicated contribution to REPowerEU, the plan designed 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 pan-European listed real estate business, specialising in the acquisition, development and management of warehouses and semi-industrial buildings. The company is implementing an ambitious initiative to expand its renewable energy production within its real estate portfolio across 14 EU countries. The focus of this programme is the installation of rooftop solar photovoltaic systems.
The newly installed photovoltaics will generate up to 190 GWh in renewable electricity per year when the programme is rolled out and operational, enough to cover the consumption of 110,000 Europeans. A significant part of the electricity will be used in VGP buildings by its tenants, improving the viability of the project. The installation is planned on existing roof areas, hence the project will not require additional land. Furthermore, this new business use will increase the sustainable value of the buildings.
“There is large untapped potential for renewable energy on the roofs of warehouses and other industrial buildings,” said EIB Vice-President Thomas Östros, who is responsible for energy-related operations. “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.”
Jan Van Geet, CEO of VGP, commented: “We are delighted about the collaboration with the European Investment Bank, which plays a key role in enabling the green and efficient electrification of buildings in Europe as part of the energy transition. This is another important recognition of VGP’s efforts to enable the transformation to a low carbon society.”
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