Globus Bank has issued the first loan for the purchase and installation of solar power plants in apartment buildings with a capacity of 30 kWh under the 5-7-9 program, the bank’s press service reports.
The borrower is Greenwood Housing Association (Lviv region, village of Bryukhovychi), which serves two apartment buildings with 50 apartments. The loan amount was UAH 1.23 million and the maturity was 3 years, with no down payment and no collateral.
According to the terms of the 5-7-9 program for condominiums, the compensation rate for the loan is 7% for the first year of repayment. Subsequently, the rate will depend on the base interest rate (the Ukrainian index of rates on retail deposits), but will not exceed 20% per annum.
Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy of Ukraine, said that due to the expansion of the “Affordable Loans 5-7-9%” program, condominiums and housing cooperatives can apply to one of 46 authorized banks and receive a loan of up to UAH 5 million for up to 5 years at 7% per annum.
“Since the beginning of the summer, twenty Ukrainian banks, both state-owned and private, have approved UAH 4.3 billion worth of loans (for condominiums and housing cooperatives) under all programs,” she said.
According to Olena Pasternak, the head of Greenwood Housing Association, the complex is also a participant in the Grindim program, which guarantees reimbursement of up to 70% of the costs of equipment for solar power plants. In addition, the condominium will receive 30% of the loan amount as part of the Program for reimbursement of part of the loans received by condominiums and housing cooperatives for the implementation of energy saving measures, reconstruction and modernization of apartment buildings in Lviv in 2015-2025.
According to Serhiy Mamedov, Chairman of the Board of Globus Bank, a loan for the purchase and installation of autonomous solar power plants is also a profitable investment for those condominiums that are not members of the Grindim program or compensation programs from local authorities, as the payback period for solar power plants can be up to four years.
For example, at 7% interest rates for the first year of the loan and theoretically maximum rates for 2-3 years of loan repayment (up to 20% per annum), the total loan amount for the installation of a 30 kWh SPP for a standard apartment building with 100 apartments will be about UAH 1.8 million. That is, the financial burden for the installation of a solar power plant for each apartment will be equal to UAH 18 thousand, which is only UAH 500 per month. Taking into account the July tariff increase, the average cost per apartment for electricity, including the installation of a solar power plant, will be up to UAH 2 thousand per month.
“Energy loans for condominiums can become a real mainstream, as it is a way to complete energy independence. In addition, the high payback period will encourage condominiums to participate more actively in energy lending programs,” Mamedov summarized.
Globus Bank was registered in 2007. According to the NBU, as of April 11, 2023, the bank’s shareholders were Elena Silnyagina (100%), Dmitry Polkovsky (16.198866%), Yevgeny Varyagin (9.899307%), Sergey Mamedov (9.899307%), Andrey Pinchuk (9.899307%) and Taras Lisovoy (3.599748%), who indirectly own the authorized capital.
According to the National Bank of Ukraine, as of May 1, 2024, Globus was ranked 26th (UAH 9.4 billion) among 60 banks operating in the country in terms of total assets. As of April 2024. The regional network includes 31 branches.
