ALV Allianz AG

By Dieter Holger

The European Bank for Reconstruction and Development said Monday that it has provided a 58 million euro ($64.5 million) loan to Kosovo to build the country's largest wind farm, marking the largest private sector project the bank has supported in Kosovo to date.

The EBRD said the loan provides half of the necessary funds for the project, with the rest coming from Vienna-based Erste Group Bank AG (EBS.VI) and Slovenia's NLB Banka AD alongside credit backing from German agency Euler Hermes, a unit of Allianz SE (ALV.XE).

The project, named after the Kosovan village of Bajgora, will provide 10 percent of the country's installed electricity capacity and cut some 247,000 metric tons of carbon-dioxide a year, the EBRD said. Sowi Kosovo LLC, a German, Kosovan and Israeli joint venture owned by Israel's Enlight Renewable Energy Ltd. (ENLT.TV), will install the wind farm.

Renewable energy will help Kosovo transition away from coal, which powers the country's two main electricity plants, the EBRD said.

"It is great to see a country that has relied for so long on lignite begin to exploit its renewable potential," said Harry Boyd-Carpenter, director for energy for EMEA at EBRD. By 2020, the bank aims to make 40% of its yearly investments in the green economy.

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

(END) Dow Jones Newswires

December 16, 2019 06:28 ET (11:28 GMT)

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