Alina Oprea • 29 May, 2023 at 12:00 PM
ProCredit Bank Romania has granted €2.9 million of financing to a company from the Solar Global group in the Czech Republic. 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 largest 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.
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.
"ProCredit Bank has set out to be an important factor in the financing of the local energy transition, and such projects perfectly fit the lending methodology applied by the financial institution. 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 center of ProCredit Bank's business model", states the bank.
In December 2022, ProCredit Bank Romania's green loan portfolio exceeded €80 million, representing more than 22% of the bank's loan portfolio – a double-digit percentage that has been constant in recent years.