Banque Raiffeisen Inaugurates Made in Luxembourg Photovoltaic Installation with 414 Panels

On Thursday 12 September 2024, Banque Raiffeisen inaugurated an installation of 414 photovoltaic panels producing an estimated 152,000 KWh per year.

Banque Raiffeisen said it was inaugurating, in partnership with Socom, the first 100% made in Luxembourg photovoltaic project. Although the initial feasibility studies began in 2022, the implementation of this environmental project began in 2023. The bank said the project was made possible thanks to close collaboration, supported by Luxembourg's Ministry of the Economy, between Banque Raiffeisen, the Betic design office and Socom. Solarcells, commissioned by Socom, a leading producer of 100% made in Luxembourg photovoltaic panels, launched production in October 2023 at the former Heintz van Landewyck site in Luxembourg-Hollerich.

A total of 414 photovoltaic panels, representing a production capacity of 173.88 kWp, have been installed on the roof of Banque Raiffeisen's headquarters in Leudelange. The installation is expected to produce around 152,000 kWh per year for self-consumption, covering 10% of the bank's total electricity consumption. In practical terms, this new installation will cover the equivalent annual consumption of the 73 electric vehicle charging points installed in 2022 in the bank's underground car park. At the same time, the bank said it was taking steps to improve its energy balance by optimising its day-to-day energy consumption.

The inauguration of the photovoltaic installation, which is due to be commissioned later this month, took place on Thursday in the presence of Luxembourg's Minister of the Economy, SMEs, Energy and Tourism,  Lex Delles, representatives of the companies involved in the project and Banque Raiffeisen managers.

Pointing out that Luxembourg now ranks fourth in Europe in terms of photovoltaic power per capita and that by 2021, solar energy production in Luxembourg had increased 15-fold compared with five years previous, Minister Delles praised Banque Raiffeisen's commitment to renewable energy. He also emphasised the strategic importance of having, in Socom, an "innovative, high-performance" company capable of supplying "reliable, high-quality" photovoltaic panels locally, noted the bank.

Laurent Zahles, Chairman of the Management Board of Banque Raiffeisen, stated that "as a cooperative bank, Raiffeisen is fully aware of the challenges associated with sustainability and the important role which the financial sector can play in ensuring the transition to a greener and more sustainable economy. As such, we strive to integrate sustainability into our own day-to-day operations, adopting responsible practices at all levels of our organisation". He added that the bank also offers sustainable products and services to clients. "The implementation of the first photovoltaic project made in Luxembourg shows once again that the bank continues to take significant initiatives in favour of renewable energies, and that it intends to continue on the eco-responsible path it has already mapped out for itself", he continued, later thanking Minister Delles and the companies involved for their "excellent partnership and collaboration".

Romain Lubin, energy performance manager for the buildings of Banque Raiffeisen, commented that, despite larger photovoltaic installations existing in Luxembourg, "the technical challenges inherent in the existing buildings were numerous and the installation of 414 panels can be considered a success".