VGP gets EUR-150m loan for solar rollout on warehouses in EU

VGP Renewable Energy NV, a unit of pan-European real estate outfit VGP NV (EBR:VGP), has signed a EUR-150-million (USD 164m) loan with the European Investment Bank (EIB) to help install solar panels on the roofs of VGP’s logistics and semi-industrial centres across the EU.

The 10-year framework loan, announced by the parties on Tuesday, is part of the EIB’s contribution to REPowerEU.

VGP is working to expand its renewable energy production across its real estate portfolio in 14 EU countries, with a focus on the rollout of rooftop solar photovoltaic (PV) systems, which are ultimately expected to generate up to 190 GWh per year, corresponding to the demand of 110,000 Europeans.

Much of the solar systems’ output will be used in VGP buildings by its tenants.

According to EIB Vice-President Thomas Ostros, there is large untapped renewable energy potential on the roofs of warehouses and other industrial buildings. “With loans like that to VGP Renewable Energy NV, we can help save scarce agricultural land and natural spaces while increasing renewable energy production,” Ostros says.

(EUR 1 = USD 1.092)

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