GGF makes first equity investment in wind farm in North Macedonia

36MW windfarm in North Macedonia reaches financial close. The project is estimated to generate enough electricity to supply over 20,000 households.


Luxembourg and Skopje, 18 June 2021 – The Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, invested EUR 3.5 million in Thor Impex d.o.o., its first ever equity investment, to partially fund the construction and operations of a 36MW wind farm near the village of Bogoslovec in North Macedonia (Bogoslovec). BNB Kompani D.O.O., a holding company for energy projects in North Macedonia, is the majority shareholder. Erste Group Bank AG is the mandated lead arranger and provided senior debt together with Sparkasse Bank Makedonija AD Skopje, Komercijalna Banka AD Skopje and NLB Banka AD Skopje. The Austrian Development Bank (OeEB) provided subordinated debt. CURO Energy s.r.o. (Curo Energy) will be the construction and commercial operations manager. Operations of Bogoslovec are expected to begin in mid-2023.

North Macedonia relies predominantly on coal and lignite. Even though appetite for renewable energy sources has grown in recent years, the transition to a diversified renewable energy mix is predominantly centered on hydroelectric power, which represent 37% of total installed capacity and 90% of renewable capacity. Once complete, Bogoslovec will not only double the country’s existing wind capacity, but given it is the first independently owned wind farm in the country, it will also serve as a lighthouse project for privately owned utility scale renewable energy. The project is expected to generate enough green electricity to supply over 20,000 households, resulting in 80,000 tons of avoided CO2 emissions annually.

The Bogoslovec project is directly aligned with the GGF’s sustainable investment objective, while simultaneously supporting the country’s broader climate transitions and renewable energy targets. In fact, the project will directly contribute to the implementation of North Macedonia’s Renewable Energy Action Plan, which aims to reach a 50% share of renewable energy in electricity production by 2024. Therefore, GGF’s investment will greatly support North Macedonia realize their green energy goals.

GGF Chairman Olaf Zymelka said: “We are extremely excited about this project as Bogoslovec represents a number of firsts for the fund and the country: it is our first equity investment, our first direct investment in North Macedonia, and it is the first independently owned wind farm in the country. This project will go a long way in supporting North Macedonia to meet its renewable energy policy targets and reduce the country’s reliance on fossil fuels.”



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. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.

The GGF was initiated as a public-private partnership in December 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). The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH, one of the world’s leading impact asset managers, with over EUR 2.6 billion in assets under advisory/management. MACS Energy & Water GmbH, acts as the technical advisor.

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Media contact GGF
Merle Römer
Manager Marketing & Communications
Phone: +49 (0)69 271 035-171

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