ProCredit Bank is first buyer of green energy with guarantees of origin in Serbia

Serbia’s public power utility Elektroprivreda Srbije (EPS) and ProCredit Bank have signed the country’s first contract for the sale of renewable energy with guarantees of origin. The two companies have signed an annex to the contract to issue a certified guarantee to the bank that EPS will deliver only electricity generated in hydropower plants (HPP), or capacities using renewable energy sources.

EPS generates a third of its power from hydropower plants, with the Kostolac windfarm project also being in the pipeline.

According to EPS’ press release, the installed capacity of HPPs owned by the company is about 2.9 GW, and the annual electricity generation from the renewable energy source is about 10,000 GWh.

Customers with guaranteed supply (households) cannot purchase renewable energy with guarantees of origin, because laws don’t allow this, EPS said, adding that now only commercial customers have this option.

Ivan Smiljković, an executive board member at ProCredit Bank, highlighted the necessity to increase awareness of the importance of energy efficiency and renewables in order to protect the environment.

He said that ProCredit Bank has been one of the leading companies in Serbia for years in terms of investments in environmental protection.

ProCredit Bank has already secured EUR 200 million in loans for projects that contribute to energy savings and better environmental protection, Smiljković said.

Thanks to the numerous innovations that have been introduced, ProCredit Bank has reduced its electricity consumption by 25%, while heat consumption has been slashed by almost 30%.

Continuing with such an approach, the bank decided to sign a separate contract with EPS to use only renewable energy with guarantees of origin from now on, he said.

EPS acting General Manager Milorad Grčić said that the power utility plans to increase the power production from renewable energy sources.

“We are upgrading and modernizing hydropower plants, and we will soon increase power production from renewable energy sources by constructing the Kostolac wind farm. By offering green energy, EPS confirms its commitment to boost power generation with no impact on the environment,” Grčić said.