ProCredit Bank Romania supports Solar Global in the first investment of the Czech group with 2.9 million euro financing
ProCredit Bank Romania has successfully finalized the EUR 2.9 million financing of a company from the Solar Global Czech group. The purpose of the loan is to build a 3.5 MW photovoltaic park in the north- western 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. This 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 PV power plants with a total capacity of 35 MWp. These small and medium-sized power plants have been built on abandoned industrial sites or in areas that have been unused for a long period of time.
"We are delighted to have supported Solar Global in making this first investment in the Romanian energy sector. Procredit Bank is the right banking partner both for the SME sector and for foreign investors who recognize the potential of developing the energy sector in our country. We offer financing solutions both for projects that will obtain revenues from the sale of energy produced in the free market and for those that will bet on signing a PPA (Power Purchase Agreement)" said Ștefan Manole, General Manager Procredit Bank Romania.
"The issue of financing is absolutely essential for the Solar Global group in order to be able to carry out its plans in Romania. Negotiations with banks have been long and meticulous, given that we are just starting out and have no previous track record in Romania. We are very happy to have found in ProCredit Bank a partner that was interested in our projects and could offer us a professional and flexible approach. We believe that this first project was just the beginning of a long-term cooperation." added Marcel Malůšek, General Manager Solar Global Romania.
ProCredit Bank reaffirms its position as a financing partner in the renewable energy sector
The Cluj project is proof that the transition to green energy in Romania can also be made by installing small and medium-sized capacities of up to 10 MW. ProCredit Bank aims to be an important player in financing local energy transition, and such projects fit perfectly with the lending methodology applied by the financial institution. Project finance for small and medium sized installed capacity parks represents 63% of the bank's renewable energy portfolio. Sustainability has always been and remains at the core of ProCredit Bank's business model.
In December 2022, ProCredit Bank Romania's green loan portfolio exceeded EUR 80 million, representing a share of more than 22% of the bank's loan portfolio - a double-digit percentage that has been constant in recent years. It is worth noting that this share of green loans is not found in the results of any other bank in Romania.
Beyond these figures, as a long-term strategic partner of its clients, ProCredit Bank Romania advises them not only on financial issues, but also on green investments.