Kosovo: EIB accelerates green transition with 33 million euros invested in new solar photovoltaic plant

2024-03-19 09:24:00, Kosova & Bota CNA

Kosovo: EIB accelerates green transition with 33 million euros invested in new

To support the green transition in Kosovo*, the European Investment Bank (EIB) has signed an investment loan of 33 million euros for the construction of the largest solar photovoltaic plant with a capacity of up to 100 MWac (120 MWp) near Pristina. By increasing the capacity and share of solar energy in energy production, the project will contribute to the security of electricity supply, faster green transition and economic growth in the region. Upon completion, the plant is expected to produce around 169 GWh of electricity and avoid an average of 174,000 tons of CO2 per year.

The investment comes within the support of Team Europe, which enabled the allocation of the EU grant of 32 million euros channeled through the Western Balkans Investment Framework for the preparation and implementation of the project. The grant is combined with loans from the EIB (33 million euros) and KfW (29 million euros), which will implement the project within the framework of the initiative for mutual support in order to increase the expertise and efficiency of the combined financing.

EIB Vice President Kyriacos Kakouris, responsible for the Bank's activities in the Western Balkans, said: "As one of the largest renewable energy developments in the region under Team Europe, this project will significantly help Kosovo achieve its energy security and renewable energy goals. Together with the European Commission and other partners, we are pleased to help Kosovo together to create the ground for decarbonization of the local economy and diversification of the energy mix, in line with the EU's green agenda.

The Minister of Finance, Labor and Transfers of Kosovo, Hekuran Murati, said: "Today's signing of the agreement for the construction of the photovoltaic power plant is a historic moment as Kosovo advances its initiatives to ensure the use of renewable energy for its citizens. This project, the largest of its kind in the region, not only guarantees a sustainable method of energy production, but also accelerates Kosovo's shift away from conventional energy sources."

The head of the political section at the EU office in Kosovo, AnnaCarin Platon, said: “Investing in the renewable energy infrastructure of Kosovo is not only a strategic decision; it is a commitment to a sustainable future for generations to come. The launch of one of the largest renewable energy developments in the region under Team Europe marks an important milestone in our collective efforts to transition to green energy and economic growth, as well as job creation and skills development. in the Western Balkans.

About the EIB

The EIB is the European Union's long-term financing institution owned by its member states. It makes available long-term financing for sound investments in order to contribute towards EU policy goals. The EIB supports projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). www.eib.org

About the EIB in the Western Balkans:

The EIB is a leading international financier in the Western Balkans. Since 2010, the bank has financed projects worth over 10 billion euros in the region. In addition to continuing to support the reconstruction and improvement of public infrastructure, the EIB has expanded since 2010 into many new areas, such as health care, research and development, education and small and medium enterprises.