Finabank Takes a Major Step Towards Sustainability with Solar Energy Project

Finabank has reached a significant milestone in its commitment to sustainability by signing an
agreement with Elgawa for the implementation of a large-scale solar energy project. This
initiative will enable the bank to supply at least 50% of its branches' energy needs with solar
power this year, making Finabank the first banking institution in Suriname to cover a substantial
portion of its electricity consumption with renewable energy sources.

The signing ceremony took place in the presence of Eblein Frangie, CEO of Finabank, and
Jimmy Manna, CEO of Elgawa, under the oversight of Orlando Olmberg, Chairman of the
Suriname Energy Chamber (SEC), who played a facilitating role in the energy sector. Olmberg
expressed his appreciation for the collaboration between both parties and highlighted the crucial
support provided by Energie Bedrijven Suriname (EBS) in ensuring the successful
implementation of such projects.

According to both CEOs, this project is the result of three years of intensive negotiations and
comprehensive feasibility studies. The recent increase in electricity prices has reduced the
payback period of the investment to less than seven years, stated CEO Frangie. Beyond
financial benefits, this project aligns with Finabank’s ambition to operate in accordance with the
United Nations’ Sustainable Development Goals (SDGs) and to maintain an environmentally
responsible business model.

A Model for Sustainability

The SEC commends this initiative, emphasizing the importance of such projects in maintaining
Suriname’s status as a carbon-neutral nation. The partnership between Finabank and Elgawa
demonstrates that investing in solar energy is not only beneficial for the environment but also
offers significant financial advantages.
Olmberg added that discussions are ongoing this week with the Directorate of Taxation to clarify
the government’s commitment to eliminating 90% of import duties on solar panels. “We must do
everything possible to collectively achieve our net-zero emissions targets by 2060,” he
emphasized.

Beyond its internal sustainability initiatives, Finabank plays a strategic role in Suriname’s energy
transition. The bank not only invests in sustainable energy projects but also provides green
financing options to companies and organizations contributing to the country’s green
transformation. With this approach, Finabank strengthens its position as a pioneer in Suriname’s
financial sector and reinforces its commitment to a sustainable future.
For more information : https://www.finabanknv.com/energy-desk/business-credit-
facilities/sustainability-loans/