Tirana Bank leads the 20 million euro syndicated loan for the construction of the photovoltaic plant in Fier.
Tirana Bank, in its capacity as the lead bank, has finalized the syndicated loan agreement worth 20 million euros, in cooperation with Union Bank, Intesa Sanpaolo Bank Albania and OTP Bank Albania.
The purpose of the financing includes the construction of a photovoltaic park with the developer company SPV Blue 2 Shpk and location in Sheq-Marinas, Fier. The construction of the new photovoltaic park contributes to the expansion of Albania’s production capacities in electricity from renewable energy sources.
Aleksander Zoga, Project Finance Manager at the Corporate Division of Tirana Bank, shares and explains the importance of this project, the bank’s vision for financing projects in the “Green Financing” field, as well as joint (syndicate) financing, which has a great impact and importance in the country’s economic development.
What does this syndicated loan mean for Tirana Bank?
Aleksander Zoga: This agreement is a testament to the leading role that Tirana Bank has taken on in the Albanian financial market. Being the leading bank and with the largest share in financing, we clearly demonstrate our role in financing projects of this importance, our capacity to coordinate large projects with the aim of supporting the country’s economic development.
For us, it is not just a financial transaction, but a collaboration with Albanian entrepreneurship to increase the country’s energy production capacities. This transaction and many others that we have financed and are considering are an important step towards a future of sustainable development.”
What is Tirana Bank’s experience with syndicated loans?
Tirana Bank has a long and consolidated experience in financing joint (syndicate) loans. We have been part of major syndicated loans that have been implemented not only in recent years, where we can mention a co-financing for an energy company in the field of hydropower plants, the joint credit line for the Thumanë-Kashar project, the Orikum-Llogara project but also other joint financing for various companies. These commitments clearly show that we have the expertise and resources necessary to implement complex financing in projects of strategic importance for the economic development of the country.
What is Tirana Bank’s commitment to Green Finance?
Green Finance is one of our top priorities. We see renewable energy financing as a concrete way to contribute to Albania’s green transition.
Tirana Bank has been very active in Green Financing over the last 4 years, initially supporting the needs of its clients for the installation of solar panels (roof-top panels) in business premises, significantly reducing the payment of businesses’ electricity bills.
Also, Tirana Bank has been very active in large photovoltaic parks which aim to sell electricity on the Albanian Electricity Exchange ALPEX.
The BLUE 2 project in Fier follows several similar initiatives that Tirana Bank has supported, such as financing the construction of a photovoltaic park in Lushnje last year. Also, during August we financed the construction of another photovoltaic park which is expected to be completed in the coming months and we are currently reviewing several other projects to be financed by Tirana Bank or in cooperation with other banks.
Referring to the above, we strongly believe that financing green energy production companies is essential for diversifying energy sources and reducing carbon emissions, standards that are applied by all European Union countries where we aim to join.
