ProCredit Bank inaugurated its photovoltaic park ProEnergy in Lipjan, Kosovo. The 3 MWp photovoltaic part was initiated and implemented as a joint project between ProCredit Bank Kosovo, which provided the financing, and its parent company ProCredit Holding. Through this project, ProCredit aims to contribute to changing Kosovo’s energy landscape by developing local capacities and stimulating further private investment of this kind. At the same time, the projects represents an important milestone for the development-oriented ProCredit Group in achieving carbon neutrality, a goal that this institution has been working towards since 2018.
The ProEnergy photovoltaic part is the first photovoltaic park in Kosovo owned by a banking group. The project, which cost around EUR 2.5 million, was implemented by Kosovo companies Jaha Solar and Electra. The expected annual production of the 3 MWp solar park is 3,711 MWh, which equals the consumption of some 450 households of average monthly consumption up to 700 kWh thus contributing to the energy transition in Kosovo. 90% of the electricity generated in Kosovo in 2022 came from coal-fired power plants, along with identified greenhouse gas emissions and risks to health and the environment.
The ProEnergy project in Kosovo reflects the impact orientation of the ProCredit group, aiming to contribute to the environmental stabilisation and transformation of the countries in which it operates. Beyond Kosovo, ProEnergy is an essential step for the ProCredit group itself towards achieving its own climate targets. Since committing to becoming carbon-neutral in 2018, the ProCredit group has managed to nearly halve its own emissions. The photovoltaic plant inaugurated in Kosovo is in the process of being certified in accordance with the Gold Standard, and the clean energy it produces will help to significantly offset emissions towards decarbonization.
Hubert Spechtenhauser, Chair of the Management Board of ProCredit General Partner AG, who gave a speech at the opening event, comments: ”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.”
Whereas Visar Paçarada, member of the Managing Board of ProCredit Bank Kosovo highlighted in his speech among others: “As a development-oriented commercial bank, we are aware of the responsibility we have in contributing to the wellbeing of the community and the environment in which we operate. The 3MW ProEnergy photovoltaic park illustrates our commitment to act upon promises and to become a catalyst of change in our society. We hope this investment will serve as an example and inspiration for other institutions for similar investments.”
Also present at the event was Eriola Bibolli, member of the Management Board of ProCredit General Partner AG and a member of the Supervisory Board of ProCredit Bank Kosovo, who added: “The inauguration of ProEnergy is an especially important day for ProCredit Group, as it is the first park of this kind owned by a banking group in Kosovo. Today we are not just opening a park with solar panels but we are opening a clean and bright future for Kosovo. This project is a testimony of what we can achieve when we have a clear vision for a cleaner future. In view of the prevalence of coal-fired power plants in energy production in Kosovo, I hope that our investment will inspire further positive change in the country’s energy landscape."
The Ambassador of Germany in Kosovo Jörn Rohde gave a keynote speech and appreciated the work that has been done. “Your contribution is important because it symbolizes the importance of private sector at the frontline of fighting climate change because the majority of investments must come from the private sector. Let this German investment serve as an example how private companies should work towards the sustainable development.”
Kerry Monaghan-Hogler – Acting USAID Kosovo Mission Director also congratulated the ProCredit group for the achievement emphasizing the importance of such projects that serve as a reminder that Kosovo has started its journey towards decarbonization.
As of the end of March 2023, green loans accounted for 20.2% of the ProCredit group’s loan portfolio. This represents a total of EUR 1.2 billion in loans destined for investments in energy efficiency, renewable energy, or other green investments.
One-third of these disbursed loans already go towards renewable energy projects. As of 31 March 2023, nearly EUR 370 million has been made available to finance 1,370 photovoltaic investments. Around 1,000 of these PV investments represent installations by small and medium enterprises or individuals, while the remainder are part of project financing initiatives.
Green loans remain the focus of the group. The current share of these loans in the total portfolio is to be expanded to 25% in the medium term.
More detailed information on the sustainability strategy and the Impact Report of the ProCredit group can be found on our website at https://www.procreditbank-kos.com/eng/about-us/business-ethics/
For further details on the ProEnergy photovoltaic park please visit the website: https://www.procreditbank-direct.com/kosovo/en/landing/ProEnergy