Galp to get EUR 690m from EIB for solar projects in Spain, Portugal

Portuguese energy group Galp Energia SGPS SA (ELI:GALP) has secured three loans worth a total of EUR 406.5 million (USD 473.0m) by the European Investment Bank (EIB) to finance the company's solar projects and electric vehicle (EV) charging network in Spain and Portugal.

According to Friday's statement, the two parties have agreed a EUR-325-million loan to finance about 2 GWp of Galp's solar projects in Spain. The portfolio includes projects ranging from 24 MWp to 449 MWp. A second EUR-325-million loan has been approved and will be provided as project finance in the future.

In addition, Galp will receive EUR 40 million for the construction of four solar farms with a combined capacity of 144 MWp in Algarve, Portugal, and EUR 41.5 million to support the rollout of 5,500 EV charging points across the Iberian Peninsula.

In total, the EIB is backing the generation of 3.6 TWh a year on average, enough to supply almost 940,000 households, the bank said.

(USD 1 = EUR 1.164)

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