Renewables

Serbia is one of most important markets for GGF

Serbia is one of most important markets for GGF

Photo: Balkan Green Energy News

Published

May 31, 2024

Country

Comments

0

Share

Published:

May 31, 2024

Country:

Comments:

0

Share

The Green for Growth Fund invested EUR 500 million in Southeast Europe in the last 15 years. Aleksandar Stojkov, head of the Belgrade office of GGF’s advisor Finance in Motion, said at Belgrade Energy Forum that Serbia is one of the most important markets. The fund intends to finance projects for renewable electricity plants.

GGF was initiated as a public-private partnership in 2009 by Germany’s KfW Development Bank and the European Investment Bank. It invested more than EUR 2 billion in the 19 markets where it is active: in Southeast Europe and the Caucasus, Ukraine, Moldova, the Middle East and North Africa. Around EUR 500 million went to Southeast Europe, Aleksandar Stojkov from Finance in Motion said at Belgrade Energy Forum 2024.

The firm is GGF’s investment advisor. Stojkov, the head of its office in Belgrade, said the fund was established with the aim to finance projects in the segments of renewables, energy efficiency and resource efficiency in the region.

GGF intends to financially back renewable energy projects supported by government auctions and ones with different kinds of PPAs

“We see great potential in the renewables sector, which was over the previous period not sufficiently invested in. Serbia is one of the most important markets for us, and we will be very active here in the following period, by financing particularly the projects for renewable energy sources. They include the ones supported through the auctions organized by the government and also via different kinds of power purchase agreements” or PPAs, he stated at the event. It gathered more than 500 participants from 30 countries of the world.

GGF finances a broad scope of clients, through financial institutions.

“We finance green projects at the level of natural persons, micro and small businesses, medium-sized companies, and municipalities. We also finance companies directly – corporations and renewables projects that generate electricity,” Stojkov explained.

The Balkans require a critical mass of renewable energy development to fully benefit from the promise of green job growth and the accompanying buildup of skills and knowledge, the Fund Director for GGF Borislav Kostadinov said at the conference.

The fund has received financial support from the European Commission, German Federal Ministry for Economic Cooperation and Development, European Bank for Reconstruction and Development and the Development Bank of Austria (OeEB).

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

solar-battery-storage-eu-solar-power-europe

Solar battery storage in EU doubles for three straight years

12 June 2024 - The EU installed 17.2 GWh of new battery storage systems in 2023, a 94% increase compared to 2022, says SolarPower Europe

north macedonia hristijan mickoski mef giles dickson

New wind farm to produce one-fifth of North Macedonia’s current power output

12 June 2024 - One of the first foreign investments in the new government's term will be a wind park, according to Hristijan Mickoski

energy vault som energy storage

Harnessing gravity to turn supertall buildings into energy storage systems

11 June 2024 - Energy Vault plans to deploy this innovative concept in supertall buildings around the world with Chicago-based architecture firm SOM

slovenia necp targets

Slovenia confirms coal phaseout date in updated NECP

11 June 2024 - Slovenia has prepared an updated version of the national energy and climate plan, increasing the targets