Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Kosovo

Geographic location where the impacts of the investment may be experienced.

Specific Location

Istog municipality

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

May 13, 2026

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Quant Renewables; Green for Growth Fund

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 46.46 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 40
Converted using 2026-03-24 exchange rate.

Loan Amount (USD)

$ 46.46 million

Project Cost (USD)

$ 98.72 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 30, 2026

Disclosed by Bank Mar 24, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of a senior secured loan of up to EUR40 million in favour of AKG Tucep and AKG Veriq, 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. 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%).

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.

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.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, 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 EUR1 billion in assets and has a strong track record in financing solar, wind and other sustainable energy projects.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Green for Growth Fund	Investor	Finance	contracts with	QUANT RENEWABLES LIMITED	Client	Energy

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Quant Renewables:

Sinan Kurtoglu
Email: sinan.kurtoglu@quantrenewables.com

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html