Galp Solar and BPI join forces to support corporate decarbonisation

Galp Solar and BPI have entered into an agreement designed to guarantee business clients an “unbeatable offer” for access to lines of credit for the installation of photovoltaic panels

The agreement entered into between Galp Solar and BPI is yet another step towards the decarbonisation of the economy, a global goal to which the energy corporation is firmly committed. “We have embarked on an extremely rapid path of change. Galp has set a goal of total decarbonisation by 2050 and, to this end, more than half of our investments already consist of green and renewable energies”, pointed out Teresa Abecasis, Chief Operating Officer (COO) at Galp, during the ceremony.

The association of the two institutions has proven to be fruitful for small and medium-sized Portuguese companies intending to contribute to the common goal of sustainability. From now on, BPI business clients will have access to a line of 100% financing for the installation of photovoltaic energy production systems with an “unbeatable” rate of interest. “We are providing the market with an unbeatable offer. Galp Solar will give BPI clients a 7% discount and BPI will guarantee an interest rate of 1%, the best on the market”, added Alfonso Ortal. The Galp Solar CEO believes that this agreement will enable us to expedite “the promotion of the implementation of sustainable solutions”.

“We are providing the market with an unbeatable offer”

As far as the energy corporation is concerned, small and medium-sized businesses now have access to the technical knowledge and experience of a structure that has been reinforcing investment in green energies. Pedro Barreto, a director of BPI, explains that Galp is “a partner that provides us with guarantees that clients will be in no doubt as to the advantages of going ahead with this investment”.

Teresa Abecasis highlighted the path Galp has taken to achieve the goal of total decarbonisation by 2050

“The topic of energy is of paramount importance and very much in vogue, taking into account the changes in the price of energy. The idea of this agreement is to help companies in this process of transition”, the executive points out. Volatility in the cost of energy is one of the arguments that help companies implement new solutions for the production and consumption of electricity, which can result in substantial savings at the end of the month. “An SME with an average revenue of 10,000 euros saved 3,600 euros (in 2022). This makes a huge difference to the finances of these companies”, Teresa Abecasis explains.

Pedro Barreto guarantees that “all major energy-consuming sectors” can benefit from this agreement, particularly in areas such as the production of ceramic and textile goods. Moreover, smaller businesses will also have access to renewable energy, assures Teresa Abecasis. “We expect to see the total democratisation of access to production capacity for self-consumption”, she declares.

“We expect to see the total democratisation of access to production capacity for self-consumption”

In addition to the reduction in expenditure enjoyed by Galp Solar clients in the last year – which represented a grand total of 4.8 million euros less spent on energy –, the COO Commercial also recalls that this solution promotes sustainability. “Galp Solar clients prevented around 7,200 tons of CO2 from being emitted into the atmosphere, which is also very important”, she says. The advantages for entrepreneurs, who can ensure greater competitiveness in their market and become less dependent on fluctuations in the price of energy, are clear to see.

Investing in a better future

With 10,000 photovoltaic systems already installed on the Iberian Peninsula and regarded as the third biggest producer of solar energy in the region, the goal of Galp Solar is to double this figure in 2023. As such, the energy corporation has underlined its commitment to the democratisation of decarbonisation through the agreement entered into with BPI, which embraces all the bank's corporate clients in mainland Portugal. According to the banking institution, the minimum amount of financing is 10,000 euros and this includes 100% of the investment.