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Green for Growth Fund, Southeast Europe (GGF)

The Green for Growth Fund, Southeast Europe (GGF) has been initiated in December 2009 by the European Investment Bank and KfW Entwicklungsbank (The German Development Bank) with the financial support of the European Commission and European Bank for Reconstruction and Development. The Fund provides finance mainly through local financial institutions to the Energy Efficiency and Renewable Energy sector in the pre-accession countries in the western Balkan region as well as Turkey. Targeted investors in the Fund are both public and private entitites.


GGF at a glance

Corporate Information
 Public-Private Partnership involving donor agencies, international finance institutions and private institutional investors
Domicile
 Luxembourg
Inception
 December 2009
Fund Structure
 Specialized Investment Fund, SICAV-SIF, involving different share classes
Initiators
KfW Entwicklungsbank (The German Development Bank), European Investment Bank (EIB)
Investors
European Commission (EC), German Federal Ministry of Economic Cooperation and Development (BMZ), European Investment Bank (EIB), KfW Entwicklungsbank, European Bank for Reconstruction and Development (EBRD), Sal. Oppenheim
Investment Manager
 Oppenheim Asset Management Services S.à r.l.
Investment Advisor
 Finance in Motion GmbH
Mission
 Contribute, in the form of a public private partnership with a layered risk/return structure, to enhancing energy efficiency (EE) and fostering renewable energies (RE) in the Southeast Europe region and Turkey, predominantly through the provision of dedicated financing to businesses and households via partnering with financial institutions and direct.
Objective
  • Broadening the financing base of EE and RE investments in the region
  • Increase awareness of EE and small RE products among companies and private households
  • Contribute to broadening and deepening the financial sector servicing those development needs
  • Harmonize and coordinate donor initiatives
Target Partners
 Albania, Bosnia and Herzegovina, Croatia, FYR of Macedonia, Montenegro, Serbia, Kosovo*, and Turkey
Target Partner Institutions
 Financial institutions (commercial banks and non-bank financial institutions such as leasing companies) to finance mainly EE and RE investments in private households and small and medium-sized enterprises

Direct financing of Energy Service Companies, small renewable energy projects, EE service and supply companies and municipal entities
Financial Instruments
 Medium to long-term senior loans, subordinated loans, letters of credit, guarantees, mezzanine debt instruments, local debt securities
Non-Financial Services
 Through a technical assistance (TA) facility, provision of well-tailored TA for capacity building or partner institutions to set up EE and RE lending operations as well as support of companies in the form of energy audits or EE and RE project implementation
Status: 30 September 2011                                             *under UNSCR 1244/99

For further information about the Green for Growth Fund, Southeast Europe, please visit www.ggf.lu 
Finance in Motion has assumed the role of investment advisor in an investment management consortium with Oppenheim Asset Management Services S. à r.l., Luxembourg, and Macs Management & Consulting GmbH, Frankfurt am Main, Germany (Technical Advisor). Finance in Motion is responsible for the following services:
  • Investment Management
  • Risk Management
  • General Fund Management 
  • Technical Assistance Services

FUNDING
Committed Funds from Investors EUR 146.9 million
Status: 30 September 2011

PORTFOLIO INVESTED IN PARTNER INSTITUTIONS
Investment Porfolio outstanding EUR 53 million
Active Partner Institutions 4
Amount of Approved Investment to Partner Institutions since inception in Dec. 2009 EUR 60 million
Status: 30 September 2011