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Galp and BPI establish solar self-consumption partnership in Portugal

BPI and Galp Solar, the Galp unit responsible for promoting energy self-consumption solutions using photovoltaic panels, established a partnership for the financing and marketing of this type of installations among the Portuguese business segment (SMEs and large companies).

Energy from photovoltaics, clean and renewable, allows savings of up to 30% in the business segment, providing a competitive advantage in the current context of pressure on energy prices.

For Pedro Barreto, Executive Director of BPI, “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. In this way, we are reinforcing the Bank's commitment to supporting the sustainable transition of companies and society in general, by facilitating access to financing that allows reducing energy bill costs and having a positive impact on the environment”.

“Galp is the third largest Iberian producer of solar energy and has more than 10,000 photovoltaic self-consumption customers, to whom we offer smart energy that allows families and companies to save on their bills while protecting the environment”, he says. Teresa Abecasis, Executive Director and Commercial COO at Galp. “Being BPI's partner for its customers' decarbonisation journey is a source of enthusiasm for us and confirmation that partnerships are the key to accelerating the energy transition”, she concludes.

The joint solution, aimed at BPI's corporate customers, includes bank financing at competitive conditions and the installation of the panels, carried out by specialized professionals. Sustainability is one of the three pillars of BPI's Sustainability Master Plan 2022-2024, in which three ambitions are established: supporting the sustainable transition of companies and society; lead in positive social impact and promote social inclusion; and lead in best governance practices. The Bank has set several commitments, including mobilizing EUR 4 billion in sustainable business by 2024 through solutions and products for individuals and companies.

In an SME that has a consumption of 10,000 euros per year, solar self-consumption can represent savings of up to 3,600 euros per year on the electricity bill and nine tons of CO2 are no longer emitted into the atmosphere every year. BPI Client companies that adhere to these solutions will have a specific support service provided by Galp Solar.

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