GGF lends 50 mln euro to UniCredit Serbia for green projects

UniCredit will use the loan exclusively for large-scale renewable energy ventures, focusing on solar and wind projects. This effort aligns with Serbia's government plan for renewable energy auctions and its goals outlined in the National Energy and Climate Plan (NECP), GGF said in a press release on Tuesday.

In addition to the loan, GGF will provide support to UniCredit Bank through the technical assistance and monitoring of projects.

Renewable energy projects financed by GGF loan are expected to reduce carbon dioxide (CO2) emissions by 132,000 tonnes a year.

"So far, through credit lines in cooperation with GGF, we have invested more than 50 million euro in placements on the Serbian market, which is clear proof of our excellent cooperation,” Nikola Vuletic, chairman of the management board of UniCredit Bank Serbia, said.

GGF, founded by the European Investment Bank (EIB) and German state bank KfW as a public private partnership, aims at improving energy efficiency and renewable energy in southeast Europe, the Middle East and North Africa.

$ = 0.9249 euro