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 an overall of EUR 406.5 million (USD 473.0 m) by the European Investment Bank (EIB) to fund the company's solar projects as well as electric vehicle (EV) billing network in Spain as well as Portugal.

According to Friday's statement, the two parties have concurred a EUR-325-million financing to fund about 2 GWp of Galp's solar projects in Spain. The portfolio includes projects ranging from 24 MWp to 449 MWp. A 2nd USD-325-million funding has been authorized as well as will be supplied as project finance in the future.

In addition, Galp will obtain EUR 40 million for the building and construction of four solar ranches with an incorporated capability of 144 MWp in Algarve, Portugal, and EUR 41.5 million to support the rollout of 5,500 EV billing factors throughout the Iberian Peninsula.

In overall, the EIB is backing the generation of 3.6 TWh a year generally, enough to provide virtually 940,000 households, the bank stated.