Announcing a €6 million ($6.85 million) loan to Union Bank of Albania, EBRD said it is the first time when a loan from its GEFF program is made available to a bank to be on-lent to residents and vendors of green technologies. Pictured are (from left to right) Arten Zikaj, CFO of Union Bank; Gazmend Kadriu, CEO of Union Bank; Henry Russell, EBRD Director, Financial Institutions, Western Balkans, Belarus, Moldova and Ukraine signing the financing arrangement. (Photo Credit: EBRD)
- EBRD has lent €6 million ($6.85 million) to the Union Bank of Albania to boost energy efficiency measures
- The Albanian bank will on-lend funds to its own clients to support investments in energy efficiency projects in privately owned residential dwellings or buildings
- Among other measures, it will support investment in solar panels
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The Union Bank of Albania is the recipient of a €6 million ($6.85 million) loan from the European Bank for Reconstruction and Development (EBRD) to boost energy efficiency measures. The Albanian bank will on-lend funds to its own clients to support investments in high performance energy efficiency projects in privately owned residential dwellings or buildings, including investment in solar panels.
The financing is part of the EBRD’s €85 million ($97.08 million) Western Balkans Green Economy Financing Facility (GEFF), which is a joint initiative of the European Union (EU), bilateral donors and beneficiary countries cooperating under the Western Balkans Investment Framework (WBIF), implemented in partnership with the Secretariat of the Energy Community. The Austrian Federal Ministry will provide incentives and technical cooperation in support of green technology investments.
“The occasion marks the first time that our award winning GEFF program is made available to a bank to be on-lent to residents and vendors of green technologies in Albania. Together with the Union Bank and with the support of the European Union, the Government of Austria and the Western Balkans Investment Framework, we will work to expand residential energy efficiency lending and boost the competitiveness of the financial sector,” said EBRD Director, Financial Institutions, Western Balkans, Belarus, Moldova and Ukraine, Henry Russell.
EBRD launched an expression of interest in January 2018 to seek consultants to design and implement competitive bidding process for 50 MW to 100 MW PV auction in Albania (see EBRD Seeking Consultants For Albanian PV Auction).
In August 2018 the country launched a 50 MW solar PV tender with additional 20 MW to 50 MW capacity increase option (see First PV Tender In Albania).