The European Investment Bank (EIB) has approved a €180 million loan for a 100MW electrolyser project at Galp’s Sines Refinery in Portugal, which aims to produce renewable hydrogen. This loan is part of a broader €430 million financing package designed to support the refinery’s transformation, allowing it to play a key role in the decarbonisation of heavy road transport and aviation.
Galp’s electrolyser, with a total investment of €250 million, is expected to produce up to 15,000 tonnes of renewable hydrogen annually starting next year. Once operational, it will be one of Europe’s first units of this size. The project is a part of Galp’s broader strategy to transition its operations toward greener energy solutions. Additionally, Galp is developing a biofuels unit in collaboration with Japan’s Mitsui, with a total investment of €400 million, of which €250 million is financed by the EIB.
“These pioneering projects are a clear example of how we can combine finance, innovation and our environmental commitment to promote a fair and sustainable energy transition,” said Jean-Christophe Laloux, Director General and Head of EU Lending and Advisory at the EIB. “By supporting the production of advanced biofuels and green hydrogen, we are contributing to a more energy-independent Europe aligned with global climate goals.”
Ronald Doesburg, a member of Galp’s Executive Board responsible for the Industrial area, highlighted the importance of the project in advancing both European and national energy and industrial policies. “We have mobilised partners, private investment and European funding to promote a transformative project that gives life to European and national energy and industrial policies,” Doesburg said. “More from energy companies, public funding and government support is needed if we are to maintain Portugal’s relevance in an increasingly unstable world.”
This financing marks another significant step in the EU’s push towards cleaner, sustainable energy systems.
