The ProCredit Group, which operates mainly in Southeast and Eastern Europe, inaugurated on July 5, 2023 its own photovoltaic park – ProEnergy – in Lipjan, near Pristina, Kosovo. The 3 MWp photovoltaic park was initiated and implemented as a joint project between ProCredit Bank of Kosovo and ProCredit Holding.
Through this project, the ProCredit Group aims to contribute to the change of the energy landscape in Kosovo by creating local know-how and to further stimulate investments from the private sector. The project represents an important milestone for the development-oriented ProCredit Group in terms of achieving climate neutrality, an objective it has been pursuing since 2018.
ProEnergy Photovoltaic Park is the first solar park in Kosovo owned by a banking group. The project cost around EUR 2.5 million. The expected annual output of the 3 MWp solar park is 3,711 MWh, which will be able to supply up to 450 households with an average monthly electricity consumption of up to 700 kWh. In this way, ProCredit Group contributes to the energy transition in Kosovo, taking into account that 90% of the electricity generated in Kosovo in 2022 came from coal-fired power plants, with greenhouse gas emissions and risks to health and the environment.
Stabilization and transformation of the energy sector
The ProEnergy project in Kosovo reflects the sustainable development orientation of the ProCredit Group, which aims to contribute to the protection of the environment in the countries in which it operates. Beyond the local impact of the project in Kosovo, ProEnergy is a key step for the ProCredit Group itself toward achieving its own climate goals. Since 2018, when it made a commitment to become carbon neutral, the ProCredit Group has managed to reduce this indicator by almost half. The photovoltaic park inaugurated in Kosovo is undergoing Gold Standard certification, and the clean energy it produces will help to significantly offset Scope 1 and Scope 2 emissions at the Group level in the future.
Investments in energy efficiency and renewable energy
At the end of March 2023, green loans represented 20.2% of the ProCredit Group’s loan portfolio. This percentage represents credits totaling EUR 1.2 billion for investments in energy efficiency, renewable energy or other green investments.
A third of these granted credits are already used for renewable energy projects. Until March 31, 2023, approximately EUR 370 million has been made available to finance a number of 1,370 photovoltaic investments. About 1,000 of these investments in photovoltaic panels were made by small and medium-sized enterprises or individuals, while the rest are part of financing initiatives for other types of projects.
Green loans remain the focus of the ProCredit Group. In the medium term, the share of these loans in the total portfolio is to be expanded to 25%.
Financing the local energy transition in Romania
In December 2022, ProCredit Bank Romania’s green loan portfolio exceeded EUR 80 million, representing a share of over 22% of the bank’s total loan portfolio. Beyond these figures, as a long-term strategic partner of its clients, ProCredit Bank Romania advises them not only on financial aspects but also on green investments.
Sustainability has always been and remains at the heart of ProCredit Bank Romania’s business model.
More information on the sustainability strategy and the Impact Report of the ProCredit Group can be consulted HERE.