Czechia-based building manager CTP has secured a €200 million ($214 million) loan from the European Investment Bank (EIB) to enhance its deployment of solar modules across its portfolio of business parks. The funding is part of the EIB’s ambitious REPowerEU program, which aims to invest €45 billion into clean energy projects from 2023 to 2027.
CTP is one of the largest industrial and logistics (I&L) property developers in Europe, with approximately 11 million square meters of warehouse and industrial space across ten countries. The company began installing solar panels on its I&L buildings several years ago and had a total installed capacity of 38MWp by the end of 2022.
With the support of the EIB funding, CTP plans to add an additional 100MWp of solar capacity this year. This significant expansion will contribute towards CTP’s medium-term goal of reaching a total solar capacity of 400MWp by the end of 2026. Moreover, CTP aims to nearly double its portfolio to 20 million square meters by the end of the decade.
Richard Wilkinson, CTP’s Group Chief Financial Officer, expressed confidence in their strategy for large-scale solar installation, highlighting that the backing of the EIB enables them to obtain long-term unsecured financing at attractive conditions. The EIB also believes that such loans will accelerate the energy transition in the region, reducing reliance on fossil fuels and lowering electricity costs for all.
While there is optimism surrounding the expansion of solar capacity in Europe, concerns have been raised about meeting ambitious solar targets. SolarPower Europe, a trade body, revealed that the continent aims to have 425GW of installed solar capacity by the end of the decade, compared to the current 208GW. However, SolarPower Europe has called for safeguards to prevent European manufacturers from being negatively affected by declining solar power prices.
CTP views renewable energy deployment as a way to enhance the security of power supply, contribute to climate action, and promote social and economic cohesion. The company’s ultimate goal is to establish fully energy-independent industrial parks, generating all the clean energy they require onsite and supplying excess energy to the local power grid, benefiting neighboring communities and driving energy transition in local regions.
Sources:
– European Investment Bank (EIB)
– SolarPower Europe
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