Last Earth Day, 22 April 2021, ProCredit Bank and GEFF in Georgia held a joint event Solar power stations – sustainable investment and business case that brought together more than 60 individuals interested in using the cleanest energy source available. The aim of the event was to provide a 180-degree view of solar power stations, the business, the social and environmental benefits, as well as to inform the public of the financial schemes and tools available for implementing solar energy projects.
This event served as a continuation of the previous joint event held by ProCredit Bank and GEFF in Georgia. Represented by Aleksandre Jashiashvili, Head of Environmental Protection, ProCredit Bank presented the results achieved with its own solar power station. Operating since June 2020, the station has already generated 90,000 kWh energy and has saved the bank approximately GEL 30,000. “Now is the best time to invest in a solar power station: the payback period for the investment has decreased to 4-6 years. About 5-6 years ago, when we began considering the option of solar energy, it was around 10-12 years!” said Mr Jashiashvili, stating that the 97 kW station supplies about 10% of the overall energy consumed by the head office. Going forward, the bank has reaffirmed its commitment to providing sustainable financing to its clients and has once again strengthened its position as the first green bank in Georgia.
Following the presentation by ProCredit Bank, GEFF experts outlined the potential for using solar energy in Georgia. Business representatives from various industries, from construction to processing, had a chance to familiarise themselves with real cases of solar power projects as well as the overall costs and payback periods. Drawing from the Facility’s experience, the experts also extensively covered the risks of investing in a solar power station and presented recommendations on how to prevent these risks. “We have learned that most of the setbacks in such projects arise during the implementation stage, so it is particularly important to select your vendor with care”. GEFF consultants also introduced the terms of the Facility and presented all the financial tools available.
After hearing perspectives from the bank and the Facility, the audience were given the chance to see the benefits of solar energy from a business standpoint from the client of a PFI. The founder of an online hypermarket based in Kutaisi presented his motivation for adopting renewable energy. “Using solar energy gives us the opportunity to reduce our costs. With the money saved, we can increase the salaries of our employees. Yes, the initial costs are high, but what matters is the long-term: lower costs and happy employees”, said Grigol Gumberidze.
Just before opening the floor to questions, Levan Kobakhidze, a director of Sun House, a solar technology vendor in Georgia, stressed the importance of GEFF recommendations and spoke about the guarantees provided by various solar panel producers and their reliability.
Solar energy has become an important topic for businesses in Georgia, and it was reflected in the subsequent interactive Q&A session. The interest of the audience ranged from investment size and ROI to the amount of space needed for installation and a station’s technical parameters.
Apart from showcasing the interest from the business side, events such as Solar power stations – sustainable investment and business benefit create the space necessary to advance the country’s renewable energy potential.
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