Kosovo Solar - Tucep - Veriq

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

A senior secured loan of up to €40 million in favour of AKG Tucep ("Tucep") and AKG Veriq ("Veriq") (together, the "Borrowers"), special purpose vehicles incorporated in Kosovo. The loan will be dedicated to the construction and operation of two adjacent solar PV plants in Istog municipality of Kosovo, with a combined installed capacity of up to 142 MWp (the "Project"). Once constructed, the Project is expected to be the largest solar PV portfolio in the country. The Project is owned by Quant Renewables (52%) and Green Growth Fund S.A. (48%).

Project ID 56091

Status Exploratory

Location

Kosovo

Business Sector

Energy

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Sinan Kurtoglu
sinan.kurtoglu@quantrenewables.com

Project ID 56091

Status Exploratory

Location

Kosovo

Business Sector

Energy

Notice Type

Private

Environmental Category

Approval Date

13 May 2026

Disclosure date

24 Mar 2026

Project Description

Project Objectives

The Project will contribute to climate mitigation by adding new solar generation capacity to Kosovo's national energy system. The incremental capacity will help unlock and accelerate utility scale solar development, thereby diversifying the country's currently lignite dominated generation mix. In addition, the Project will foster greater private sector participation in the energy market which is largely dominated by the state owned entities.

Transition Impact

ETI score: 80

The Project contributes to the 'Green' Transition Impact quality by supporting the construction of a 142 MWp solar PV plant. This new capacity will increase the share of renewable energy in Kosovo's generation mix and is expected to result in approximately 185 thousand tonnes of CO2 savings annually.

The Project is fully aligned with the EBRD Country Strategy for Kosovo, which prioritises the deployment of renewable energy projects. It has also been assessed as consistent with the mitigation and adaptation objectives of the Paris Agreement, in line with the EBRD's Paris alignment methodology for directly financed investments. Furthermore, 100% of the EBRD financing is classified as green finance, as the Project supports activities aimed at reducing greenhouse gas emissions.

Client Information

AKG TUCEP LLC

The Borrowers are special purpose vehicles incorporated in Kosovo for the construction and operation of two solar PV power plants, Tucep and Veriq, with a combined installed capacity of 142 MWp.

Quant Renewables, a UK based renewable energy investment and development platform established in 2025, is active across the Western Balkans and selected EU markets, including Kosovo, North Macedonia, Albania and Italy. The company is backed by shareholders with extensive experience in large scale construction and investment banking.

Green for Growth Fund (GGF) is a blended finance impact fund launched in 2009 to support renewable energy and energy efficiency investments across Southeast Europe, Eastern Europe, the Middle East and North Africa. Managed by Finance in Motion, GGF manages over €1 billion in assets and has a strong track record in financing solar, wind and other sustainable energy projects.

EBRD Finance Summary

EUR 40,000,000.00

Total Project Cost

EUR 85,000,000.00

Additionality

EBRD's additionality lies in its ability to structure limited recourse project financing, enabling investment largely based on merchant pricing, and attracting commercial bank participation. It also plays a key role in mitigating non financial risks such as country, regulatory, macroeconomic and political risks, and in providing financing in a market with limited depth and liquidity for large-scale renewables.

Technical Cooperation and Grant Financing

The Project is expected to benefit from a first loss risk cover from the European Fund for Sustainable Development Plus (EFSD+) Hi-Bar guarantee programme. In addition, the EFSD+ programme will fund the Project costs for technical, environmental and legal due diligence.

Company Contact Information

Sinan Kurtoglu
sinan.kurtoglu@quantrenewables.com

PSD Last Updated

24 Mar 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Kosovo Solar - Tucep - Veriq

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)

Kosovo Solar - Tucep - Veriq

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)