Renewables

VGP gets EUR 150 million loan to install solar at logistics parks across Europe

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Photo: VGP

Published

December 19, 2023

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Published:

December 19, 2023

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VGP Group has secured a 10-year framework loan worth EUR 150 million to install solar panels on the roofs of its logistics and semi-industrial centers across Europe. The project will cover 14 European countries, including Serbia and Romania.

The solar power installations will enable VGP, which specializes in the acquisition, development and management of warehouses and semi-industrial buildings, to provide its tenants with 100% renewable energy, increase the European Union’s (EU) energy security, and speed up the energy transition.

VGP operates over 100 logistics parks across Europe. In Romania, it has six locations, while its sole park in Serbia is located 15 kilometers west of Belgrade, near the Serbian capital’s international airport, according to the company’s website.

The loan, provided by the European Investment Bank (EIB), is part of the lender’s dedicated contribution to the REPowerEU plan, designed to end Europe’s dependence on fossil fuel imports, according to a press release from the bank. The project will be implemented by VGP Renewable Energy, a wholly-owned subsidiary of VGP Group.

EIB: Tapping on rooftop potential for solar will save scarce agricultural land and natural spaces

The installation is planned on existing roof areas, meaning the project will not require additional land. “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,” he said.

As part of efforts to save arable land, there is an emerging trend of installing solar panels in places that cannot be used for other purposes, including at parking lots, dams, and along highways and railroads. Agrisolar is also becoming increasingly popular, where power production from solar is combined with agricultural production.

The newly installed photovoltaics will generate up to 190 GWh in renewable electricity per year, enough to cover the consumption of 110,000 people. A significant part of the electricity will be used in VGP buildings by its tenants.

VGP targets 300 MW of renewables by 2025

The company’s plan is to expand renewable energy production within its real estate portfolio, with a focus on rooftop solar photovoltaic systems, to a total of 300 MW by 2025.

VGP currently has 78 operational solar power installations, with a total capacity of 83.9 MW. It also has 71 projects in the pipeline, totaling 95.1 MW, and 34 projects under construction, with a combined capacity of 89 MW.

The objective of the photovoltaics project backed by the EIB is to enable the green energy transition of VGP and assist its clients in making their businesses more sustainable in a cost-effective way, the bank said in the press release.

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