The ProCredit group, which is mainly active in South Eastern and Eastern Europe, inaugurated ProEnergy, its own solar PV park, in Lipjan near Pristina in Kosovo today. The 3 MWp photovoltaic park was initiated and implemented as a joint project between ProCredit Bank Kosovo, which also provided the financing, and its parent company, ProCredit Holding. Through this project, ProCredit aims to contribute to changing Kosovo’s energy landscape, building local know-how, and stimulating further private investment. At the same time, the project represents an important milestone for the development-oriented ProCredit group in achieving climate neutrality, a goal that it has been working towards since 2018.
The ProEnergy photovoltaic (PV) plant is the first solar park in Kosovo that is owned by a banking group. The project, which cost around EUR 2.5 million, was implemented by the Kosovar companies Jaha Solar and Electra. The expected annual production of the 3 MWp solar park is 3,711 MWh, which could supply up to 450 households with an average monthly electricity consumption of up to 700 kWh. In this way, the ProCredit group is contributing to the energy transition in Kosovo. 90% of the electricity generated in Kosovo in 2022 came from coal-fired power plants, along with the identified greenhouse gas emissions and risks to health and the environment.
The ProEnergy project in Kosovo reflects the impact orientation of the ProCredit group, which aims to contribute to the stabilisation and environmental 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 today is in the process of being certified in accordance with the Gold Standard, and the clean energy it produces will help to significantly offset group-wide Scope 1 and Scope 2 emissions in the future.
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.”
Also present at the event was Eriola Bibolli, a member of the Management Board of ProCredit General Partner AG and a member of the Supervisory Board of ProCredit Bank Kosovo, who added: “Due to my many years of working for ProCredit Bank Kosovo, today’s inauguration of ProEnergy is an especially important day for me. I am proud that ProCredit is opening its own solar park, the first such plant owned by a banking group in Kosovo, and thereby also promoting the need for the development of renewable energies. 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.”
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.procredit-holding.com/about-us/business-ethics-and-environmental-standards/