Short description of the overall project

The Green for Growth Fund (GGF) has announced its second senior facility of EUR 10 million in Macedonian Ohridska Banka to support bank’s on-lending to renewable energy (RE) and energy efficiency (EE) projects. The measures and projects financed by this extended facility are expected to yield annual primary energy savings of approx. 26,330 MWh and CO2 emission reductions of approx. 7,270 metric tons.

Ohridska Banka is the fifth largest bank in Macedonia in terms of assets and gross loan portfolio out of 15 active banks in the country. The bank has been a partner of the GGF since 2015, when the first loan was disbursed for RE projects. The extension of this second GGF loan came in light of the bank’s enhanced on-lending capacity, stronger foothold in the market as well as a backdrop of overall positive economic outlook of Macedonia. The new Energy Law that came into force last year has also contributed to a favorable environment for lending in the RE/EE segments. 

In addition to the credit line, the GGF will continue its support to Ohridska Banka through its Technical Assistance Facility. The bank’s staff will receive further training and support to help them ensure thorough verification of the eligibility of projects and more accurate reporting on primary energy savings and CO2 emissions.