Invest in clean energy

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.

Measurable Impact

133,000 tons of CO2

Expected GHG emissions avoided per year
Equivalent to the emissions of over 28,000 passenger vehicles

400,000 MWh

Expected primary energy savings per year
Equivalent to the approximate electricity use of 100,000+ EU dwellings

* as of Q4 2023 | Figures modelled by Finance in Motion based on primary reporting and third-party data

Use of proceeds

GGF's loans finance utility-scale renewable energy projects across the country, with a focus on solar and wind.

Purpose of the partnership between GGF and UCB Serbia
UniCredit Bank Serbia plays a systemic role in the Serbian economy and financial system. It is a recognised leader in green finance and renewable energy projects.

Impact of the partnership

Accelerates Serbia’s clean energy transition, helping it achieve
clean energy targets
Advances regional energy independence and resilience
Contributes significantly to the EU Taxonomy for sustainable
activities under climate change mitigation
Develops the renewable energy sector and boosts economic growth

Support beyond the investment
Our team is providing advice and capacity building to renewable energy developers in Serbia - supporting technical due diligence activities and construction monitoring. Our Green Academy Initiative is also supporting the bank’s staff with capacity development.
Across Serbia, we draw on our track record and network to drive sector development. We currently invest 10% of our portfolio and conduct 9% of our advisory and capacity building projects in the region.

By enabling investment in these projects, we not only boost economic growth, but we also empower companies in green transition for a better future.

Nikola Vuletić | Chairperson of the Management Board of UniCredit Bank Serbia

Impact Spotlight

UniCredit Bank Serbia has disbursed EUR 61m in sub-loans to 307 end-borrowers, including large corporates, SMEs, and retail clients. Recently, the bank has used GGF funds to cofinance the 154MW Cibuk 2 wind farm, after winning the 2023 auctions. Construction on the project has already begun and it is predicted to be operational by Q1 2026. The project is expected to supply electricity to around 62,000 homes and be one of the largest contributors of impact in the fund’s portfolio.