$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
EBRD extends €18m loan to Kosovo’s 1st wind farm
The European Bank for Reconstruction and Development (EBRD) approved to extend an €18 million loan to Kosovo ‘s first wind farm, marking a milestone towards decarbonization in a country where lack of reliable access to electricity remains one of the biggest barriers to development.
Kosovo, which relies for its energy on coal, will benefit from cleaner, more reliable energy from the first large-scale wind farm in the country.
More renewable energy will help address both the challenge of power cuts and pollution caused by the lignite coal powering Kosovo’s two main electricity plants.
The EBRD financing follows a successful policy engagement with the authorities in Kosovo to refine the renewable offtake framework. These reforms were critical to unlock financing for renewable projects and are expected to attract significant investor interest to Kosovo.
The 32.4 MW Kitka wind farm project has already begun operations, having been developed by the Turkish energy group Guris. It will raise annual national electricity generation by more than 1.4 per cent and reduce emissions by 81,000 tons of CO2 a year.
Technical cooperation support for the investment project has been provided by the EU under its Regional Energy Efficiency Program for the Western Balkans, supporting the technical due diligence.
Kosovo‘s current Energy Strategy sets an ambitious target of introducing about 400 MW of renewable projects by 2026. Renewable energy capacity before Kitka was around 70 MW, almost exclusively from small hydropower plants.
The EBRD is aiming to make 40 percent of its annual investments in the green economy by 2020.
To date, the EBRD has invested €376 million in 64 projects in Kosovo.
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