EUR 5 million for energy efficiency projects - Partnership between Intesa Leasing and GGF

The Green for Growth Fund, Southeast Europe (GGF) signed a senior loan facility of EUR 5 million with Intesa Leasing Belgrade (ILB) in Serbia to provide energy efficiency (EE) financing for a wide range of business and agricultural clients across the country, Intesa said in a release. This new partnership between Intesa Leasing and the GGF follows through on the successful relationship already established by the GGF with Banca Intesa Belgrade, the parent company of Intesa Leasing. The GGF loan facility will support Intesa Leasing’s commitment to develop long-term EE lease financing. The Intesa Leasing deal is the GGF’s first energy efficiency loan to a leasing company in Serbia, the release reads.
The loan will be accompanied by tailored support – to be provided by the GGF Technical Assistance Facility – that includes EE market analysis and staff training as well as help with implementing a monitoring and reporting system, and conducting energy audits. With the GGF’s support, Intesa’s clients will be able to upgrade energy inefficient production equipment, replace obsolete machinery and agricultural equipment, and significantly optimize the energy equation in their production processes.
Intesa Leasing’s portfolio of EE sub-loans to be funded by the GGF’s EUR 5 million loan is projected to achieve 20% in primary energy savings. This will ultimately translate into annual energy savings of approximately 50,000 MWh and CO2 reductions of approximately 12,500 tons per year.