PBZ Receives 25 Million Euros to Promote Energy Projects

The Green for Growth Fund, Southeast Europe (GGF) and Privredna banka Zagreb d.d. (PBZ) have signed a loan agreement amounting to 25 million euros.

The credit line is structured to finance renewable energy (RE) and energy efficiency (EE) projects in Croatia, aimed at improving energy independence and diversifying energy supply. Investments will also contribute to reducing greenhouse gas emissions. PBZ is the first partner of GGF in Croatia.

PBZ, a member of the Intesa Sanpaolo Group, is the second largest bank in Croatia with experience in financing RE and EE projects. Through its extensive network of branches, PBZ offers a diverse range of services to large corporate clients, small and medium-sized enterprises, and the general public.

The credit line concluded with GGF will ensure long-term funding sources and thus support PBZ’s strategy of increased investment in the energy sector. Potential RE projects include investments such as small wind farms, biomass power plants, or hydropower plants, while potential energy efficiency projects to be implemented by small and medium-sized enterprises and households include investments ranging from window replacements to transforming manufacturing companies into energy-efficient ones. It is anticipated that projects financed from GGF loans will result in a reduction of CO2 emissions by approximately 44,000 tons annually.

– The previous experiences and commitment of Privredna banka Zagreb to financing the growing sector of renewable energy in Croatia were decisive factors for this first step in partnership with PBZ. Croatia is rich in renewable energy sources and offers a unique opportunity for the development of clean, sustainable, and economically viable projects. This GGF loan to PBZ will have a significant demonstration effect on financing green energy investments and will create conditions for further development of this sector, said Mr. Christopher Knowles, President of GGF.

– As part of its strategic orientation towards social responsibility, PBZ is dedicated to numerous programs and projects aimed at enhancing sustainable development. We continuously enrich our product range with programs intended for financing energy efficiency and renewable energy projects. Therefore, we are very pleased that PBZ is the first partner of GGF in Croatia, and that with this new credit arrangement and partnership with GGF, we will secure additional funds for financing projects that contribute to sustainable development and environmental protection, said Mr. Božo Prka, President of the Management Board of Privredna banka Zagreb.