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 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 where 90% of the electricity generated in 2022 came from coal-fired power plants, with greenhouse gas emissions and risks to health and the environment.
"The ProEnergy project in Kosovo reflects the orientation towards sustainable development of the ProCredit Group, which aims to contribute to the protection of the environment in the countries where it operates. Beyond the impact the project has at the local level in Kosovo, ProEnergy is a key step for the ProCredit Group itself towards achieving its own climate goals," the group announced.
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.
"As a banking group oriented towards sustainable development, we at ProCredit are in a unique position to contribute to the energy transition. Our investment in the ProEnergy photovoltaic park in Kosovo clearly highlights the seriousness of our approach. At the ProCredit Group level, we aim to promote the need to develop renewable energy sources, as well as to advise and support clients in their energy transition plans, thus contributing to the achievement of the objectives of the Paris Agreement on climate change", says Hubert Spectenhauser, President To the Management Board of ProCredit General Partner AG.
At the end of March 2023, green loans represented 20.2% of the ProCredit Group's loan portfolio. This percentage represents credits totaling €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 €370 million have 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%.
And in Romania, ProCredit Bank is financing the local energy transition. In December 2022, ProCredit Bank Romania's green loan portfolio exceeded €80 million, representing a share of over 22% of the bank's total loan portfolio.
