GGF supports Vega Energy to accelerate solar rollout in the Western Balkans

Tirana, Albania, 16 June 2026 – The Green for Growth Fund (GGF) has entered into a financing partnership with Vega Energy sh.p.k., an Albanian engineering, procurement, and construction (EPC) contractor specializing in utility-scale solar photovoltaic (PV) plants. The transaction, structured as a EUR 15 million senior loan facility, marks GGF’s first corporate investment in Albania, expanding the Fund’s presence beyond project finance and reinforcing its role as a catalyst for the region’s green energy transition. The financing is expected to unlock a regional pipeline of more than EUR 130 million in renewable energy projects, representing over 400 MWp of capacity across the Western Balkans. 

By providing working capital, the partnership will enable Vega Energy to secure equipment and mobilize teams for the procurement, installation, and commissioning of utility-scale solar projects in Albania, Kosovo, and North Macedonia. This targeted support is designed to accelerate the deployment of renewable energy across the Western Balkans and strengthen regional energy security. 

The transaction represents both GGF’s first corporate-level engagement in Albania and its first direct partnership with an EPC contractor, building on the fund’s established project finance track record and opening a new pathway to scale climate impact in the region. 

Simon Gupta, GGF Board Chairperson said: “This partnership demonstrates GGF’s commitment to expanding renewable energy solutions in the Western Balkans by supporting strong local players. By working directly with an experienced contractor, we are helping accelerate the delivery of clean energy infrastructure that strengthens energy independence and supports sustainable economic growth in the region.” 

Borislav Kostadinov, Fund Director of the Green for Growth Fund, stated: “Providing targeted working capital to Vega Energy allows renewable projects to move faster from planning to construction. This investment supports the build-out of utility-scale solar capacity while reinforcing GGF’s role in mobilizing practical, on-the-ground solutions for the region’s green energy transition. 

“This partnership marks an important milestone not only for Vega Energy, but also for the development of large-scale renewable energy infrastructure across the Western Balkans. We are proud to partner with the Green for Growth Fund (GGF) in what represents both GGF’s first corporate-level engagement in Albania and its first direct partnership with an EPC contractor. While Vega Energy today operates across multiple European markets, this financing facility is specifically dedicated to supporting renewable energy projects in the Western Balkans region. The partnership will strengthen our ability to accelerate project execution, expand clean energy infrastructure, and continue investing in local engineering and operational capacity. We believe the energy transition in the Western Balkans requires strong regional companies capable of delivering infrastructure at international standards while maintaining deep local expertise and execution capabilities. We thank GGF and all partners involved for their trust and cooperation, and we look forward to creating long-term impact together.” — Bruno Papaj, CEO of Vega Group 

About the Green for Growth Fund (GGF) 
The Green for Growth Fund promotes energy efficiency and renewable energy in Southeast Europe, the Caucasus, the Middle East, and North Africa. By providing refinancing to local financial institutions, GGF helps businesses and households access sustainable energy solutions, fostering energy efficiency and reducing carbon emissions. GGF was initiated as a public-private partnership by the European Investment Bank and Germany’s KfW Development Bank, with financial support from the European Union, BMZ, and other international investors. Finance in Motion GmbH, Germany, serves as GGF’s advisor. 
www.ggf.lu 

About Finance in Motion 
Finance in Motion structures, manages, and advises almost €4 billion across nine funds, all classified as Article 9. These private market funds drive impact for people and planet through regional financial intermediaries, direct investments, advisory, and capacity building. Founded in Germany, with local expertise from Latin America to Central and Eastern Europe, Finance in Motion has been investing in emerging markets for over 20 years. 
www.finance-in-motion.com 

About Vega Energy 
Vega Energy, part of Vega Group, is one of the leading EPC companies in the Western Balkans specialized in the development and execution of utility-scale solar photovoltaic (PV) projects. Since its establishment in 2018, the company has rapidly expanded its operational and project footprint across Albania, Kosovo, North Macedonia, and more recently Italy, delivering large-scale renewable energy infrastructure through integrated engineering, procurement, and construction solutions. With a strong execution track record and an ambitious regional growth pipeline, Vega Energy’s executed and pipeline portfolio are each expected to exceed 400 MWp by the end of 2026, further strengthening its position as a key contributor to the clean energy transition and sustainable infrastructure development across Southeast Europe. https://vegagroup.al/ 
 
GGF: Nusha Westhoff  
Director Marketing & Communications  
Mobile: +49 69 271 035-789  
press@ggf.lu

VEGA Energy: Suela Ereqi
Head of Marketing Department
Mobile: +355 69 303 2842
Email: suela.ereqi@vegagroup.al