Green for Growth fund
to start local operations
Fund can directly finance projects
or partner with financial institutions
Green for Growth, an international fund for renewable energy and energy efficiency projects operating in Southeast Europe, European Eastern Neighborhood Region, and in the Middle East and North Africa, will start operations in the local market, according to Lachlan Cameron, Green for Growth’s Senior Officer in Energy Finance.
The fund’s budget for the three regions has reached $370 million this year. The eligibility criteria for applying for financing from Green for Growth (GGF) are having a minimum 20 percent reduction in primary energy consumption. They also include a minimum of 20 percent reduction in carbon dioxide, and the promotion of renewable energy.
The financing instruments are medium- to long-term senior loans, subordinated loans, letters of credit, guarantees, and mezzanine debt instruments.
The fund can directly finance projects or partner with financial institutions including banks, microfinance institutions, and leasing companies. The ceiling of loans is ten million dollars.
Beneficiaries can also receive technical assistance, capacity development, impact analysis, and training to carry out the projects.
GGF has so far funded over 19,000 projects across all three regions in various sectors.
Reported by Yassmine Alieh
Date Posted: Sep 22, 2016