- A new partnership between Galp Solar and BPI targets solar self-consumption business
- They aim to provide solar financing and installation solutions to BPI’s corporate customers in Portugal
- Target audience for the partnership will mainly be SMEs and large companies
Galp Solar, the solar business arm of Portuguese oil and gas extracting firm Galp, and Banco Português de Investimento (BPI) will offer solar financing and installation solutions for the latter’s corporate clientele in a bid to encourage them to adopt the self-consumption model.
Under this partnership, the 2 companies said they will offer bank financing at competitive conditions and also offer installation services for local small and medium enterprises (SME) and large companies.
They claim a SME with an electricity consumption worth €10,000/year can save up to €3,600/year on its electricity bill with the help of solar self-consumption. It will also be able to reduce its carbon footprint.
“This agreement with Galp Solar allows us to support companies in their energy transition process, with an integrated commercial solution, competitive financing and products that encourage energy self-consumption,” said BPI Executive Director Pedro Barreto.
Calling itself the 3rd largest Iberian producer of solar energy, Galp says it has more than 10,000 solar PV self-consumption customers in Spain and Portugal in its portfolio. Most of these installations took place in the last 8 months of 2022.
It now aims to double the number of installations in the Iberian Peninsula with solar as well as integrated battery solutions. The company counts its operational solar PV capacity in Iberian Peninsula adding up to 1.3 GW with 9.6 GW capacity under development in Portugal, Spain and Brazil.
Portugal is becoming an attractive market for solar as the government makes efforts to boost renewable development in the country with simplified environmental licensing, including for projects of less than 1 MW (see Portugal Goes In For Environmental Licensing Reform).