Case Studies > Boosting renewable energy and energy efficiency projects
Boosting renewable energy and energy efficiency projects
We are boosting the activities of the Green for Growth Fund (GGF) with an investment of €25 million, which will promote investments in renewable energy and energy efficiency projects in south-eastern Europe and the European Neighbourhood region (Armenia, Azerbaijan, Georgia, Moldova and Ukraine). The EBRD established the Fund in 2009 with the European Investment Bank and KfW. The GGF provides funds to local financial institutions for on-lending to private households and small and medium-sized enterprises, as well as direct financing to large companies and municipalities for investments in energy efficiency and renewable energy.
The additional investment will support the Fund’s expansion following the extension of its mandate in the European Neighbourhood region in 2012. Demand for sustainable energy financing also remains high in south-eastern Europe where the impact of the financial crisis still affects bank lending. At the same time, energy intensity remains above best practice, which leads to significant costs for businesses, private customers and the environment.