Luxembourg, 11 December 2024
- Prologis takes EIB loan to finance the installation of rooftop solar panels and battery storage projects at its warehouses.
- This is expected to lower energy bills and CO2-emissions, while improving energy security in case of blackouts.
- The financing and underlying investments align with the EU’s REPowerEU initiative.
Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate has secured a €225 million framework loan from the European Investment Bank (EIB) to advance its plans to produce electricity from low-carbon sources through solar panels on the roofs of its logistic centres, alongside battery storage systems to enhance energy resilience. The rollout will be across several of its locations in Western and Central Europe.
With rooftop solar, Prologis warehouses will reduce their CO2-emissions and improve their energy security in case of possible blackouts. Furthermore, excess energy produced can be stored or sold to the grid. Prologis will implement the solar and battery storage projects at its locations in various EU countries, including Germany, Belgium, Italy, France, Spain, the Netherlands and Poland. Finalisation of these projects, which align with REPowerEU objectives, is expected by 2026.
EIB Vice-President Robert de Groot said: “With this loan, the EIB supports Prologis in its efforts to become more sustainable and reduce its energy consumption. Yet another example of how we can build a resilient and sustainable energy future together, something the EIB wholeheartedly supports.”
“We are proud to partner with the European Investment Bank on these projects, which supports our goal to be net zero by 2040 and our renewable energy goals across Europe” said Prologis SVP, Head of Treasury Europe & Capital Markets Christian Nickels-Teske, “This framework loan supports our commitment to supporting our customers and delivering on our sustainability goals while contributing to increased energy resilience in Europe.”
Background information
The European Investment Bank (EIB) is the EU institution for long-term loans. Its shares are held by the 27 EU Member States, with 5.2% owned by Belgium. The EIB makes long-term financing available for sound investments that contribute towards the EU’s policy objectives. In 2023 the EIB provided over €2.1 billion in financing for Belgian projects.
Prologis is a logistics real estate company headquartered in the United States with operations across 12 countries in Europe.
Source – EIB