Renewables

ProCredit builds first bank-owned solar power plant in Kosovo*

ProCredit first bank owned solar power plant Kosovo

Photo: ProCredit Bank Kosovo

Published

July 10, 2023

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Published:

July 10, 2023

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ProCredit Bank officially launched production at its ProEnergy photovoltaic unit in Kosovo*. So far the lender approved EUR 370 million for investments in photovoltaics.

ProCredit group has inaugurated ProEnergy, its own photovoltaic park with a peak capacity of 3 MW, in Lipjan (Lipljan) near Prishtina in Kosovo*. It was a joint project between ProCredit Bank Kosovo, which also provided the financing, and ProCredit Holding, based in Frankfurt. The group noted in the announcement that is mainly active in South Eastern and Eastern Europe, primarily serving small and medium-sized enterprises.

The facility on four hectares cost EUR 2.5 million. It is the first bank-owned solar power plant in Kosovo*, ProCredit underscored.

ProCredit bank owned solar power Kosovo

Bank has option to purchase land

Kosovar companies Jaha Solar and Electra were the contractors. The expected annual production is 3.7 GWh, equivalent to the needs of 450 households with average monthly electricity consumption of up to 700 kWh, the bank said. Last year 90% of electricity generated in Kosovo* came from coal-fired power plants, it added.

The site in the village of Grackë e Vjetër or Staro Gracko. The land plot has been rented for two years with the option to purchase, ProCredit said when it issued the call for bids.

“As an impact-oriented banking group, we at ProCredit are uniquely positioned to make our contribution to the energy transition. Our investment in the ProEnergy photovoltaic plant in Kosovo clearly underlines the seriousness of our approach. As the ProCredit group, we look forward to promoting climate protection as well as advising and supporting our clients in their transition plans, and thus also contributing to the advancement of the goals of the Paris Climate Agreement,” Chair of the Management Board of ProCredit General Partner AG Hubert Spechtenhauser said at the ceremony.

ProCredit to lift green loan share to 25%

ProCredit said that, since committing to becoming carbon-neutral in 2018, it has managed to nearly halve its emissions.

As of the end of March, green loans accounted for 20.2% of the group’s loan portfolio. It said it approved EUR 1.2 billion for energy efficiency, renewable energy and similar investments. One third is for renewable energy projects.

Nearly EUR 370 million has been made available to finance 1,370 photovoltaic investments, according to ProCredit. It said it would grow the green loan share to 25% in the medium term.

ProCredit also financed the project for the currently largest solar power plant in Serbia.

* This designation is without prejudice to positions on status and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence.
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