Renewables capacity in projects backed by GGF reaches 1.2 GW in 2022

GGF boosts supported renewables capacity to 1.2 GW in 2022

Photo: GGF


July 21, 2023






July 21, 2023





The Green for Growth Fund (GGF) said it achieved progress last year in mitigating climate change and promoting sustainable economic growth in its 19 markets. The cumulative volume invested in partner institutions reached EUR 1.5 billion and a total of 1.2 GW in renewable energy capacity was supported.

GGF, an impact investment fund advised by Finance in Motion, published the annual Impact Report. In 2022, the shift to greener economies was increasingly driven by pressing economic and strategic energy security needs, the public-private partnership’s management pointed out.

“These drivers, combined with evolving policy environments and continued decreases in technology costs, are raising demand for climate investments, targeted green finance, and the activities of the GGF. Given these needs the GGF remained steadfast in its commitment both to the financial sector and end-borrowers, despite the effects of Russia’s war of aggression against Ukraine,” the announcement reads.

Outstanding investment portfolio amounted to EUR 760 million at end of last year

Renewable energy projects in Southeast Europe and industrial efficiency measures in the Middle East and North Africa significantly contributed to energy savings and the reduction of carbon dioxide emissions. At the end of the reporting period, investments since inception accounted for more than 1.1 million tons of CO2 avoided annually.

The cumulative volume invested in partner institutions reached EUR 1.5 billion and the outstanding investment portfolio was EUR 760 million. The GGF Technical Assisstance segment managed a total of 488 projects until the end of last year.

At the end of the reporting period, investments since inception accounted for more than 1.1 million tons of CO2 avoided annually

The fund’s investments have translated to annual energy savings of 4.27 TWh, growing from 4 TWh from 2021. Overall renewable energy capacity from projects it participated in grew to 1.2 GW from 1.14 GW.

“Despite headwinds, the fund maintained its leading role in financing the green transition. The GGF continues to deliver on its essential imperative of boosting energy efficiency and clean energy to save our planet from warming and safeguarding our societies and livelihoods,” Chairperson Christopher Knowles said.

The Green for Growth Fund focuses on mitigating climate change and promoting sustainable economic growth in 19 markets in Southeast Europe, Turkey, the European Eastern Neighbourhood Region, and the Middle East and North Africa.

Fund closed its first green bond transaction, first equity investment

Also highlighted in the report is the Stand with Ukraine program, launched together with the European Fund for Southeast Europe (EFSE) and Finance in Motion. The rapid crisis response, budgeted at EUR 2.5 million, turned into 15 projects to address urgent needs, ensure business continuity and build resilience.

The flagship Deep Greening initiative for the financial sector added five projects. The fund closed its first green bond transaction in Turkey, with Akbank.

GGF launched a rapid crisis response program for Ukraine

The Clim@ Scaler initiative gave seven innovative green ventures access to a four-month acceleration program to scale their business and impact. GGF has agreed its first equity investment, in North Macedonia, in the Bogoslovec wind power project.

The fund provides financing directly to renewable energy projects, corporates and municipalities or indirectly, via selected financial institutions. It was initiated in 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development and the Austrian Development Bank (OeEB).

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