€150 Million EIB loan to VGP Renewable Energy finances solar energy roll-out on European roofs

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  • EIB provides a € 150 million loan to VGP Renewable Energy N.V. to support VGP’s roll out of rooftop solar panel installations across its portfolio of logistics and semi-industrial buildings in Europe
  • The project will enable VGP to provide its tenants with 100% renewable energy, contribute to EU energy security as well as accelerate the energy transition 

Antwerp, Belgium – 19 December 2023, 7:00 am: Today, the European Investment Bank (EIB) and VGP Renewable Energy N.V. announce 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, strengthen the security of power supply and boost 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, specialized 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.