· Banca Intesa to expand EE loan product offering to individuals and households
· GGF substantially increases reach in Serbia through Banca Intesa’s vast branch network
· Loan agreement translates into more energy-efficient homes, resulting in projected primary energy savings of 20% (reducing energy consumption by 20,000 MWh and CO2 emissions by approx. 6,500 tons annually)
The Green for Growth Fund, Southeast Europe (GGF) and Banca Intesa a.d. Beograd (Banca Intesa Beograd or the “Bank”) in Belgrade, Serbia have signed a EUR 7 million loan agreement to expand the Bank’s lending capacity for energy efficiency (EE) projects at the individual and household level. EE loans to individuals and households are demonstrably effective in contributing towards reducing energy consumption and greenhouse gas emissions. This is the GGF’s third energy efficiency loan to a financial institution in Serbia.
The loan is dedicated to financing mainly building envelope improvements, e.g. upgrading thermal insulation in walls, installing energy efficient windows, boilers and central heating systems, and other modern energy-saving solutions. Banca Intesa Beograd’s portfolio of EE subloans to be funded by the GGF’s EUR 7 million loan is projected to achieve 20% in primary energy savings. This will ultimately translate in annual energy savings of approximately 20,000 MWh and CO2 reductions of approximately 6,500 tons per year.
Banca Intesa Beograd, part of Intesa Sanpaolo group, is one of the first banks in Serbia to provide EE loans. The Bank has so far concentrated mainly on financing corporate EE investments, providing loans totalling EUR 14 million. Its vast branch network is instrumental in increasing the reach of GGF financing to a wide range of loan customers throughout Serbia.
“The GGF is delighted to announce this cooperation with Banca Intesa Beograd, a financial institution with considerable experience in energy efficiency lending and an impressive network. It is by working with banks such as Banca Intesa Beograd that we can maximize the Fund’s outreach as well as achieve substantial development impact whilst effectively contributing towards a reduction of Serbia’s energy consumption,” said Monika Beck, Chairperson of the Green for Growth Fund, Southeast Europe.
“In keeping with its dedication to incorporating social responsibility into all segments of its operations and in line with Intesa Sanpaolo Group policies and commitment towards environmental issues, Banca Intesa was the first bank in the Serbian market to join the government’s programme of subsidized energy efficiency loans for individuals earlier this year. The GGF credit line will further strengthen the Bank’s capacity for energy efficiency lending to households, enabling them to make substantial energy savings, while at the same time providing active contribution to environmental protection and overall community development,” said Marco Capellini, Deputy Chairman of Banca Intesa Executive Board.
ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE (GGF)
Initiated in December 2009 by the KfW Entwicklungsbank (The German Development Bank) and the European Investment Bank (EIB) with the financial support of the European Commission and the European Bank for Reconstruction and Development (EBRD), the Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering renewable energies in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia and Turkey. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households for energy efficiency projects. The GGF also invests directly in specialist energy service companies (ESCOs) as well as energy service and supply companies, and renewable energy projects. The activities of the GGF are supported by a Technical Assistance Facility. The GGF is a public-private partnership with an investor base of donor agencies, international financial institutions and institutional private investors. The GGF is registered under Luxembourg law as a SICAV (variable capital investment company). The GGF is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg, in concert with the fund advisor, Finance in Motion GmbH, Frankfurt/Main, Germany, and a technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany.
For additional information about the Green for Growth Fund, Southeast Europe, please visit
http://www.ggf.lu
