ProCredit Bank Romania announces a 2.9 million euro loan to a Czech company from the Solar Global group. The financing is intended for the construction of a 3.5 MW photovoltaic park in the northwestern part of Romania, in Cluj County. The photovoltaic panels contain monocrystalline photovoltaic cells with an efficiency of up to 22%, from a Tier 1 manufacturer. The investment will increase domestic renewable energy production by approximately 5.2 GWh per year.
Solar Global is one of the most important energy producers in the Czech Republic. Since its establishment in 2009, it has developed, connected to the grid and operated 28 photovoltaic plants with a total power of 35 MWp. These small and medium-sized power plants were built in brownfield sites or in areas that have been unused for a long time.
“We offer financing solutions both for projects that will obtain income from the sale of energy produced in the free market, and for those that will bet on signing a PPA (electricity purchase agreement)”, stated Ștefan Manole, General Director of Procredit Bank Romania.
“We are very happy to have found in ProCredit Bank a partner who was interested in our projects and was able to offer us a professional and flexible approach. We believe that this first project was only the beginning of a long-term cooperation”, said Marcel Malůšek, General Manager of Solar Global Romania.
The Cluj project is proof that the transition to green energy in Romania can also be done by installing small and medium-sized capacities, up to 10 MW.
The bank has set out to be a major player in the financing of the local energy transition, and such projects are perfectly suited to the financial institution’s lending methodology. Project finance for parks with small and medium installed capacities represents 63% of the bank’s renewable energy portfolio. Sustainability has always been and remains at the heart of ProCredit Bank’s business model.
In December 2022, ProCredit Bank Romania’s green loan portfolio exceeded 80 million euros, representing more than 22% of the bank’s loan portfolio – a double-digit percentage that has been constant in recent years. It is worth mentioning that this share of green credits is no longer found in the results of any other bank in Romania.
As a long-term strategic partner of its clients, ProCredit Bank Romania advises them not only on financial aspects, but also on green investments.