Raiffeisen Bank starts to issue loans to Ukrainian small businesses for solar farms, electric scooters

MOSCOW. May 29 (Interfax) - Raiffeisen Bank Ukraine has begun issuing unsecured green loans to Ukrainian small enterprises to build solar farms and to acquire electric scooters and charging stations for them.

Both individuals and legal entities can receive financing covering up to 80% of the cost of such equipment and its assembly, Ukrainian media outlets said, citing the bank's statement on social media.

Under the terms, such loans may amount to 9 million hryvni and may be granted for periods of at least 24 months at an annual interest rate of 17%-19% without any additional commissions.

"Thanks to its new loan program, Raiffeisen is making its contribution to the decentralization of the energy system, the development of the electric vehicle sector and the green restoration of Ukraine. Our business clients can reduce their risks, gain power autonomy, ensure the uninterrupted operation of their businesses, and cut their electricity and fuel expenses. By building solar farms funded by loans from Raiffeisen, entrepreneurs will be able to produce green electricity for their own business needs, use it to charge electric scooters of their enterprises and clients, and sell its excess on the energy market, thus receiving additional profit," Yelena Shpirko, director of the business banking clients segment at Raiffeisen Bank Ukraine, said when commenting on the new program.

Raiffeisen Bank, as the largest foreign creditor for the Ukrainian economy, has provided 1.5 billion hryvni in green loans to businesses, including loans for the construction of solar farms, solar panel production, the construction of biogas plants, biomethane plants and biofuel boiler facilities, the implementation of energy-efficient projects, etc., the bank said.