The European Investment Bank (EIB) is lending Belgium-based Warehouses De Pauw (WDP), which develops and leases logistics properties across Europe, 250 million euros to install rooftop solar panels and increase electric-vehicle charging stations for tenants.

The loan is for up to 10 years and will be directed towards existing WDP logistics centres mainly in Belgium, the Netherlands and Romania.

The credit is part of the EIB’s contribution to the REPowerEU plan to end Europe’s dependence on fossil-fuel imports. It will also reduce the carbon footprint of WDP and its clients.

The new solar panels will generate up to 350 gigawatt hours (GWh) of renewable electricity annually – enough to cover the consumption of 150,000 people in Europe. A significant part of the electricity will be used on-site, and the energy upgrades stand to increase the value of the buildings.

“Loans like this are a win for the climate as well as for Europe’s energy independence,” said EIB Vice-President Thomas Östros. “This project increases renewables production, breaking away from fossil fuels and lowering the EU’s reliance on energy imports.”

“This financing will support the growth of our clean-energy investments across western Europe and Romania,” said WDP Chief Financial Officer Mickael Van den Hauwe.  “Moreover, it is a recognition of our mission to strengthen the supply chain of our customers with renewable-energy infrastructure and our efforts to e-mobility and decarbonisation of the supply chain.”