Finance in Motion gets innovation award for Blue 1 solar park in Albania

Finance in Motion Blue 1 solar park in Albania innovation award

Photo: Finance in Motion / LinkedIn


March 8, 2024







March 8, 2024






Impact asset manager Finance in Motion has won the Market Pioneer Award Europe from IJGlobal. It was presented for Blue 1, the first fully privately financed solar park in Albania.

IJGlobal Awards are the most important awards for investments in the energy and infrastructure sector. They are presented annually in London, New York, Singapore and Dubai. They are judged by independent industry experts from and for the respective regions.

Impact asset manager Finance in Motion has won the Market Pioneer Award Europe for Blue 1, the first fully privately financed solar park in Albania. The project’s financing was finalized by the Green for Growth Fund (GGF), which the company advises. “This was achieved in the midst of the energy crisis, after the covid shock, during the war in Ukraine and the associated disruption to supply chains,” GGF Chairman Christopher Knowles said.

Rising prices, interest rates

Renewable energy projects also had to contend with rising prices and interest rates. The volume of completed financing for renewable energy projects in the Balkans has been declining for several years, and it is precisely in this region that a massive investment backlog in energy generation is evident.

A massive investment backlog in energy generation is evident in the Balkans

“GGF’s investment in Albania’s solar sector highlights our drive for renewable energy adoption, reducing fossil fuel use and fighting climate change, aiming to showcase green energy’s potential and inspire further investments”, Knowles stated.

Bridge-to-PPA structure

Although the project was almost ready for construction, it lacked many of the elements that are considered standard in project financing. The financing required the use of equity in advance for the purchase of equipment. It is structured as a long-term loan with minimal amortization so that the project can handle a variable income stream and provides a great motivation for signing individual power purchase agreements.

“The jury was impressed by our development of a financing strategy that ventured into entirely new territory including a bridge-to-PPA structure and succeeded without any government support. We deeply appreciate the global recognition,” said Borislav Kostadinov, Fund Director for the Green for Growth Fund’s mandate at Finance in Motion.

Finance in Motion focuses on sustainable development in emerging and developing countries. The company structures, manages and advises impact investment funds and brings together public and private investors. The aim is to combat climate change, strengthen biodiversity conservation, promote the sustainable use of natural resources and improve living conditions and economic opportunities in the target countries.

The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The Fund provides such financing directly to renewable energy projects, corporates and municipalities, or indirectly, via selected financial institutions.

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