Green for Growth Fund

What Green for Growth Fund does

Green for Growth Fund (GGF), established in 2009, is a Luxembourg-domiciled SICAV-SIF (Specialised Investment Fund) and the first specialized fund dedicated to advancing energy efficiency (EE) and renewable energy (RE) in Southeast Europe. The fund is managed by Finance in Motion Asset Management S.à r.l. and operates as a blended finance vehicle, combining first- and second-loss catalytic capital from public institutions (European Investment Bank, KfW Development Bank, European Union, BMZ, EBRD) with private institutional capital to finance green projects in EU Accession and Neighbourhood regions.

GGF's core products consist of senior private debt financing (typical ticket size EUR/USD 10-25 million, tenors up to 15-20 years) for renewable energy (wind, solar, hydropower, biogas, geothermal, storage), energy efficiency upgrades, and resource efficiency projects, alongside subordinated loans and capacity-building support for local financial institution partners. It distributes financing through two channels: (1) indirect on-lending via a network of 70+ local banks, microfinance institutions, and leasing companies across 18 countries, and (2) direct project finance for utilities and corporates. Complementary Advisory & Capacity Building services provide training, impact monitoring, and ESG due diligence in line with IFC Performance Standards and SFDR Article 9 disclosure requirements.

As of Q4 2025, GGF held a EUR 1.2 billion portfolio with EUR 2.4 billion in cumulative investments since inception, delivering 1.4M tons of CO2 reductions, 5.3M MWh of energy savings, and 2.2M cubic meters of water saved or treated annually. The fund charges subscription-based notes with a EUR 125,000 minimum to European professional clients and well-informed investors, generating revenue through interest income, capital gains, and management fees, with a 15-year track record and a 0.04% cumulative loss rate.

Name

Green for Growth Fund

Legal name

Green for Growth Fund S.A., SICAV-SIF

Website

https://ggf.lu

Company type

Private

Founded year

2009

Operating status

Operating

Short description

Green for Growth Fund is a Luxembourg-based blended finance investment fund founded in 2009 that provides senior debt financing and advisory services for renewable energy, energy efficiency, and resource efficiency projects across Southeast Europe, Eastern Europe, Caucasus, and the Middle East/North Africa, serving local financial institutions, corporates, and project developers via 70+ partner organizations.

Ownership category

akta.pro rank

Product category

Climate Finance / Green Blended-Finance Investment Fund

NAICS

Other Investment Pools and Funds (5259)

SIC

International Affairs (9721)

akta.pro primary industry

Renewable Energy & Energy Transition Funds (FSANAJAB)

akta.pro secondary industries

Development Finance, Guarantees & Blended Finance Programs (BPADABAM), Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), Climate Finance Funds & Green Investment Facilities (BPADACAH)

Keywords

• Blended climate finance
• Renewable energy lending
• Green investment fund
• Energy efficiency financing
• Private debt financing

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Investment Returns: GGF generates returns through interest income on loans, capital gains on equity investments, and portfolio dividends from investments in renewable energy, energy efficiency, and resource efficiency projects across EU Accession and Neighbourhood regions. The fund uses a blended finance structure combining catalytic capital (first/second-loss positions) with institutional investor capital.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Green for Growth Fund (GGF) is a Luxembourg-based SICAV-SIF blended finance fund that provides senior debt and equity financing for renewable energy, energy efficiency, and resource efficiency projects across EU Accession and Neighbourhood regions. Capital is delivered through direct project financing (typically EUR/USD 10-25 million, tenors up to 15-20 years) and indirectly through 70+ local financial institution partners. The fund additionally provides advisory and capacity building services to investees and partner institutions.

Product overview

Green for Growth Fund (GGF) is a Luxembourg-based SICAV-SIF investment fund that operates as a blended finance structure providing private debt financing and advisory services. The fund's core products include senior debt financing for renewable energy projects (hydropower, wind, solar, geothermal, storage), energy efficiency improvements, and resource efficiency initiatives across Southeast Europe, Eastern Europe, Caucasus, Middle East, and Africa. GGF offers financing through two primary channels: direct project finance/investments and partnerships with local financial institutions (banks, microfinance institutions, leasing companies). The fund leverages a blended finance structure with first- and second-loss protection to deliver risk-mitigated returns while reducing CO2 emissions and promoting sustainable development. Advisory & Capacity Building services complement the financing activities by providing technical support, training, and impact monitoring to investees and partner institutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Debt Financing
• Blended Finance Structure (Notes for Institutional Investors)
• Advisory & Capacity Building Services
• Renewable Energy Project Finance
• Corporate Direct Financing
• Financial Institution Partnerships (On-lending Facilities)

Quantifiable outcome

• 1.4 million metric tons of CO2 emissions reduction per year
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

14 partnerships are on record, tiered major, regional and core.

• Notus EnergymajorStrategic or Co-development Partner · 1 January 2026GGF is a minority investor in the 120-124MW wind power project in Ukraine's Odesa region alongside EBRD, IFC, Swedfund, BIO, and Horizon Capital's Catalyst Fund. Total project costs estimated at EUR 231.4 million.
• Goldbeck Solar Investment GmbHmajorStrategic or Co-development Partner · 1 January 2025GGF signed agreement for solar power plant project in Ukraine with Goldbeck Solar, expected to reduce CO2 emissions by 12,000 tonnes. Supported by BMZ funds.
• KRK - Kreditimi Rural i Kosovës L.L.CregionalChannel Partner/ Reseller/ Distributor · 1 January 2025Kosovo financial institution partnership representing EUR 100 million+ green financing agreements signed at EU-WB Investment Forum.
• Banka për Biznes (BpB) KosovoregionalChannel Partner/ Reseller/ Distributor · 1 January 2025Kosovo bank partnership for green lending representing EUR 100 million+ agreements at EU-WB Investment Forum.
• AIK Banka SerbiaregionalChannel Partner/ Reseller/ Distributor · 1 January 2025Serbian bank partnership for green financing representing EUR 100 million+ agreements at EU-WB Investment Forum.
• ProCredit Bank Bosnia and HerzegovinaregionalChannel Partner/ Reseller/ Distributor · 1 January 2025Bosnia and Herzegovina bank partnership for green financing representing EUR 100 million+ agreements at EU-WB Investment Forum.
• EvocabankregionalChannel Partner/ Reseller/ Distributor · 1 January 2025Armenian bank receiving USD 30 million syndicated loan from OPEC Fund, European Fund for Southeast Europe, and GGF to expand lending to MSMEs and support climate investments.
• Enerjisa Enerji A.Ş.majorChannel Partner/ Reseller/ Distributor · 1 January 2025Turkish electricity distribution company receiving EUR 340 million sustainability-linked financing (IFC contributed USD 150 million) for infrastructure modernization and EV charging expansion.
• ESM (Elektrani na Severna Makedonija)majorStrategic or Co-development PartnerPublic electricity generation utility owned by the Government of North Macedonia, partner in the 50MW Oslomej solar power project on former coal mine site.
• Renalfa IPP GmbHmajorStrategic or Co-development PartnerVienna-based renewables developer (70% owned by Renalfa Solarpro, 30% by RGreen Invest) serving as EPC and O&M provider for the Oslomej solar project.
• Matrix Konstruksion and Blessed InvestmentsmajorStrategic or Co-development PartnerProject partner and co-investor for Albania's first 100% privately funded renewable energy project - the 50MW Blue 1 solar plant in Topoje.
• UniCredit Bank SerbiamajorChannel Partner/ Reseller/ DistributorStrategic engagement supporting utility-scale renewable energy projects. UniCredit has disbursed EUR 61m in sub-loans to 307 end-borrowers including large corporates, SMEs, and retail clients. Co-financed 154MW Cibuk 2 wind farm.
• Bank LvivcoreChannel Partner/ Reseller/ DistributorUkrainian bank receiving EUR 20.1 million financing to support SMEs in agriculture and manufacturing for energy efficiency and renewable energy projects. Expected to deliver 18,060 MWh/year energy savings.
• VictoriabankcoreChannel Partner/ Reseller/ DistributorMoldova's third largest bank (part of Banca Transilvania Group) receiving EUR 10 million subordinated loan to expand green finance across Moldova. Expected to deliver 2,310 MWh/year energy savings.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• European Fund for Southeast Europe (EFSE): Luxembourg-domiciled blended finance fund providing debt to local FIs and SMEs in Southeast Europe and the Eastern Neighbourhood. EFSE is the closest direct peer to GGF, sharing the same SICAV-SIF structure, Finance in Motion as advisor, and overlapping mandate in green/SME finance across the Western Balkans and Türkiye.
• responsAbility Investments: Swiss impact asset manager running private debt and equity strategies in emerging markets, including renewable energy finance in frontier geographies. Comparable to GGF in its emerging-markets private debt mandate and sustainability orientation, though broader in sector coverage.
• Triodos Investment Management: Dutch impact investment manager with renewable energy and energy efficiency debt funds across Europe and emerging markets. Triodos' climate/RE debt strategies overlap with GGF's renewable energy financing focus and similar European institutional LP base.
• Climate Fund Managers (CFM): Joint venture between Sanlam InfraWorks and Climate Investor One focused on blended climate finance funds in emerging markets. CFM is a direct peer in the climate blended finance niche with overlapping institutional investor base and developing-market mandate.

Broad incumbents

• European Investment Bank (EIB): EU's long-term lending arm and one of GGF's founding initiators. EIB operates a much broader climate/energy lending portfolio globally but provides the catalytic and concessional capital that underpins GGF's risk structure.
• KfW Development Bank: German bilateral development finance institution, GGF co-founder, and trustee for GGF's advisory/capacity building funds. KfW operates blended finance vehicles across many regions that compete with GGF for catalytic capital.
• European Bank for Reconstruction and Development (EBRD): Major DFI investing in renewable energy and financial institutions across GGF's target geographies and beyond. EBRD is a frequent co-investor (e.g., Notus Energy) but operates a much larger and broader mandate than GGF.
• International Finance Corporation (IFC): World Bank Group's private sector arm, co-investor with GGF on Enerjisa and Notus Energy. IFC's broader climate/RE portfolio overlaps with GGF's mandate at the project finance level but at far larger scale and global reach.
• FMO (Dutch Entrepreneurial Development Bank): Netherlands-based DFI providing debt and equity to financial institutions and renewable energy projects in developing countries. FMO co-invests with GGF (e.g., Enerjisa syndicate) and overlaps in green FI lending mandate.

Emerging players

• Mirova Natural Capital: Affiliate of Natixis Investment Managers investing in natural capital, renewable energy, and sustainable land use in emerging markets. Mirova represents an emerging private-fund peer competing for thematic institutional allocations targeting climate and nature-based outcomes.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/finance-in-motion

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Green for Growth Fund