Logistics and retail property company Prologis has secured a European Investment Bank (EIB) loan of £225 million to support putting solar panels on warehouses and the greening of its electricity production.
Prologis will use the money to advance its plans to produce electricity from low carbon sources in multiple ways – but a key target is to put solar panels on warehouses located in western and central Europe.
With solar panels on warehouses and the rooftops of other sites, Prologis expects to reduce its CO2 emissions while it also wishes to improve energy security in the event of possible blackouts by implementing battery storage systems. In addition, excess energy produced through the solar panels can be stored or sold to the grid.
Prologis will implement the solar and battery storage projects at its locations across the European Union (EU), including Germany, Belgium, Italy, France, Spain, the Netherlands and Poland. Finalisation of these projects, which Prologis said align with REPowerEU objectives, is expected by 2026.
The EIB is the EU institution for long-term loans. Its shares are held by the 27 EU member states, and it said it makes long-term financing available for sound investments that contribute towards its policy objectives.
EIB vice president Robert de Groot commented: “With this loan, the EIB supports Prologis in its efforts to become more sustainable and reduce its energy consumption.
“Yet another example of how we can build a resilient and sustainable energy future together, something the EIB wholeheartedly supports.”
Christian Nickels-Teske, senior vice president and head of treasury Europe & capital markets at Prologis, added: “We are proud to partner with the EIB on these projects, which supports our goal to be net zero by 2040 and our renewable energy goals across Europe.
“This framework loan supports our commitment to supporting our customers and delivering on our sustainability goals while contributing to increased energy resilience in Europe.”
Read more about solar panels on warehouses on Green Retail World
[image credit: Green Retail World]
