Czechia-based building manager, CTP, has successfully secured a substantial €200 million (US$214 million) loan from the European Investment Bank (EIB). The funding is earmarked to bolster CTP's deployment of solar modules across its extensive portfolio of business parks, spanning ten European countries.
CTP boasts ownership and operation of approximately 11 million square meters of warehouse and industrial space. With the EIB's financial backing, the company intends to significantly enhance its solar power installations at these facilities. Notably, CTP commenced its foray into solar energy with the installation of its first panels at Hungarian sites in January 2022. By the close of that year, the solar panels across its buildings collectively boasted a power capacity of 38MWp.
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While CTP has not disclosed the specific solar modules to be employed in its portfolio or the initial locations for this new wave of solar projects, the loan is a pivotal step toward realizing the company's long-term clean energy aspirations. In 2023 alone, CTP plans to augment its solar capacity by an additional 100MWp, with a broader objective of reaching a total solar capacity of 400MWp by the conclusion of 2026.
Richard Wilkinson, Group Chief Financial Officer at CTP, emphasized the significance of the EIB's support, stating, “The backing of the EIB is testament to the robust business strategy we have in place to deliver on the large-scale installation of solar PV across our portfolio, and allows us to obtain long-term unsecured financing at attractive conditions with all in cost of 4.5%. Sustainable financing is the way forward, and we are proud to add the EIB as a new financial partner in this endeavor.”
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This funding aligns with the EIB's commitment to its REPowerEU program, an ambitious initiative aimed at injecting €45 billion into clean energy projects between July 2023 and 2027. Europe has set lofty goals for its solar sector, with industry association SolarPower Europe projecting a target of 425GW of installed solar capacity by the end of the decade, a substantial increase from the current 208GW.
However, concerns loom over Europe's ability to achieve these targets, with SolarPower Europe recently advocating for measures to safeguard European manufacturers from collapsing solar power prices.
