Galp bags EIB loans to finance 2.1GWp of solar in Spain and Portugal

Facebook
Twitter
LinkedIn
Reddit
Email
Galp is aiming to reach 12GW of operational renewables capacity by 2030. Image: Galp.

Oil and gas company Galp has secured loans from the European Investment Bank (EIB) to support the construction of more than 2.1GWp of solar projects across Spain and Portugal.

The largest agreement consists of an EIB green energy loan of up to €325 million (US$378 million) to finance the construction of around 2GWp of utility-scale PV plants in Spain that are expected to break ground in the next three years. These installations will have capacities ranging from 24MWp to 449MW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The EIB, which is the European Union’s lending arm, said the portfolio could be supported by a further €325 million that could be signed in a project finance format at a later stage.

Alongside this, the EIB will provide a €40 million green energy loan for Galp to build and operate four interconnected solar plants with a total capacity of 144MWp in the Algarve region of southern Portugal.

Having created a joint venture last year with construction firm ACS Group to develop 2.9GWp of solar projects in Spain, Lisbon-headquartered Galp has since started construction work on its first utility-scale PV plant in Portugal.

The company last week entered Brazil’s renewables sector with a deal to acquire and develop solar projects with a total capacity of 594MWp. It is aiming to reach 12GW of operational renewables capacity by 2030.

“Our plan to reshape our portfolio is already underway, with Galp accelerating the integration of low-to-no carbon energy solutions in our businesses. The support from EIB is key to help us increase the pace of such projects’ development,” said Galp CEO Andy Brown.

The EIB said in 2019 that it would end financing for fossil fuel energy projects from the end of 2021. This year the bank has provided independent power producer Solaria up to €54 million through a project finance agreement for seven solar plants in Spain totalling 261MW.

It also provided a loan package to a subsidiary of Total Eren to support the development of a 100MW solar farm in Uzbekistan.

On the latest deal, EIB vice-president Ricardo Mourinho Félix said: “We are delighted to support Galp in its decarbonisation pathway and join forces to promote climate action and renewable energy generation in both Spain and Portugal.”

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

September 2, 2025
Q Energy has reached financial close for Taurus B, a portfolio of seven solar PV plants in Spain with a combined capacity of 251.71MWp.
September 2, 2025
Iberdrola has commissioned the 316MW Ciudad Rodrigo solar project in Salamanca, Spain, the company’s second solar plant in the province.
September 1, 2025
Solar Organic Centro España is planning to build a 10GW solar module and battery manufacturing facility in the Spanish autonomous community of Castilla-La Mancha.
Premium
August 18, 2025
Jonathan Touriño Jacobo explores evidence of systemic problems in the Iberian grid and some of the solutions following the blackout.
August 13, 2025
Madrid-headquartered renewables developer Elawan has signed a 10-year power purchase agreement (PPA) to support a 150MW solar PV portfolio in northern Spain.
August 12, 2025
PV Hardware's latest generation of trackers can move up to two degrees post-to-post, more than the current industry standard of 1.75 degrees.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines