Insights

In one of the largest transactions in the fund’s history, GGF deepened its strategic engagement with UniCredit Bank Serbia, supporting utility-scale renewable energy projects across Serbia.

The Green for Growth Fund (GGF) is providing project financing solutions for Albania’s first 100% privately funded renewable energy project. This promotes climate change mitigation and the transition to renewable energy. It also acts as a demonstration of what can be achieved without government subsidies.

By decarbonizing, businesses in Türkiye can future proof their operations. But they need tailored financing and support. 

Two recent direct investments in Türkiye demonstrate how we are scaling the Fund’s footprint, expanding its pipeline, and driving deep decarbonization across industries.

We provided a USD 26 million to Sanko Tekstil, one of Türkiye’s largest yarn producers. The company is shifting to recycled inputs and solar-powered manufacturing. 

Meanwhile, a USD 18 million investment into A101, the country’s second-largest retail chain, is decarbonizing store operations across 81 cities via a large-scale solar installation.

In Ukraine and Moldova, energy security is an essential component of a stable and successful future. But this can only be achieved by accelerating the green transition and enhancing energy resilience. 

We are supporting this effort by providing long-term, local currency financing to two financial institutions. Leveraging our blended finance structure, we offer more attractive financing options – encouraging capital expenditure in energy security at a time of uncertainty.

We provided EUR 20.1 million in financing to Bank Lviv. This capital will  support Ukraine’s economic resilience as the war continues into its third year. The bank’s end-investees were agriculture and manufacturing SMEs undertaking energy efficiency and renewable energy projects. 

We strengthened Victoriabank’s capital base with a EUR 10 million subordinated loan. This allows the bank to expand access to green finance across Moldova. Symbolically, the Fund crossed the EUR 1 billion threshold with this investment.
 

Recognizing the need for energy independence, the Western Balkans are prioritizing projects that support the green-energy transition. But financing is essential to help countries shift to domestic and clean renewable power.

We arranged EUR 25.7 million in project financing for a 50 MW solar power generation project on the site of the former Oslomej coal-mine in Kičevo, North Macedonia. 

We worked alongside our partners, ESM, a public electricity generation utility owned by the Government of North Macedonia, and Renalfa IPP, a Vienna-based renewables developer.