Scaling climate action with EU support
Scaling support across the Western Balkans with €24 million EU investment
Aligning with the European Green Deal can accelerate the Western Balkan’s transition to a more sustainable economy. More than that, it can open new EU markets – increasing exports, creating jobs, and alleviating poverty.
If Western Balkans businesses are to align with the Green Deal, embedding sustainability throughout their operations is essential. It’s also impossible without targeted support.
At the EU-Western Balkans Investment Forum in Tirana, Albania in October 2025, climate action and green finance received a vital boost. The European Union invested €20 million in GGF’s C-share class alongside €4 million in advisory & capacity building support, provided via long-term trustee KfW Development Bank. The C-share-class investment will enhance our ability to mobilize private capital, adding much-needed impact additionality for catalytic investors.
“With climate action under pressure and regional challenges mounting, GGF stands ready to scale. The EU’s support strengthens our ability to channel private and public capital into the markets that need it most.” - Simon Gupta, GGF Board Chairperson.
In total, GGF’s Western Balkan’s investments are expected to growth from €675 million to €850 million – a 21% increase – helping us scale support in the region for renewable energy, energy efficiency, and climate resilience.
This support was the catalyst for a series of GGF financing arrangements signed at the Investment Forum.
Read about our new local relationships and renewables investment here.
EU-backed capital can unlock investment where climate finance is needed most.
Expanding green lending across Southeast Europe through local banks
The communities and enterprises driving Southeast Europe’s sustainable transformation need urgent funding.
To provide this targeted support, local banks need a trusted partner. For a growing number of banks, that partner is GGF.
In October 2025, GGF expanded its regional support at the EU-WB 6 Investment Forum in Tirana, Albania. We signed term sheets to partner with financial institutions across Kosovo. Further agreements were signed with partners in Serbia and Bosnia & Herzegovina.
Together, these local banking partnerships represent more than €100 million in green financing.
Partnerships include UniCredit Bank Serbia, KRK - Kreditimi Rural i Kosovës L.L.C, Banka për Biznes (BpB) Kosovo, AIK Banka Serbia, ProCredit Bank Bosnia & Herzegovina.
Together, we will provide funding for the following initiatives:
- Energy efficiency refurbishments in homes and businesses
- Small-scale renewable energy generation
- Cleaner technologies that reduce energy use
This is how green finance becomes real-world impact. This is how it lowers energy poverty and cuts emissions. And this is how it strengthens competitiveness across Southeast Europe.
“GGF is helping local banks bring green finance closer to the households and businesses driving the region’s sustainable transformation.” - Simon Gupta, GGF Board Chairperson.
With the EU’s and KfW Development Bank’s continued support, we remain focused on scaling climate action throughout the financial sector.
Advancing renewable energy and storage in the Western Balkans
Despite many countries continuing to rely on coal, the Western Balkans clean-energy transition is accelerating. An increasing number of renewables projects are being approved and financed.
Yet this momentum is in danger of stalling. Why? Because grid capacity is unable to keep up with growing renewable-energy generation. As Western Balkans governments work to strengthen energy security, the focus must go beyond generating green power. That power must be made reliable.
One possible solution is to combine renewable energy with battery storage. This allows countries to stabilize supply, store excess energy, and reduce reliance on fossil fuels during peak demand.
This is also where targeted finance plays a critical role.
Following the European Union’s €24 million investment, GGF is scaling support for renewable energy and storage across the Western Balkans.
The Fund is supporting this transition through a wave of new projects in the region. We are backing a large-scale battery storage system in North Macedonia, converting former lignite sites into cleaner power in Kosovo, and supporting one of Albania’s first solar-plus-storage projects.
“These projects show how catalytic capital can support the transition away from coal while also strengthening energy security. This is essential as we work towards a resilient energy system in Southeast Europe.” - Borislav Kostadinov, Fund Director.
Read about our expanded green lending partnerships here.
Reliable clean energy needs the right investment behind it. Contact us to discuss how you can get involved.
Strengthening Ukraine’s energy resilience with two new renewable energy projects
Half of Ukraine’s energy production capacity has been destroyed. Securing new sources of energy has never been more urgent. But obtaining financing for renewables projects is both difficult and expensive.
GGF’s mission to accelerate climate action, energy security, and sustainable economic growth in Ukraine has never been more important.
Long before the war, Ukraine was one of our most important regional partners, evidenced by a long series of successful projects. We understand the energy market and have built relationships with renewables specialists and financial institutions across the country.
In Western Ukraine on the 30th October 2025, alongside a German delegation and high-ranking German politicians, Sylvia Wisniwski, CEO of Finance in Motion, and Borislav Kostadinov, Fund Director of GGF, signed agreements for two new renewable energy projects:
- A solar power plant, developed with Goldbeck Solar Investment Ukraine, is expected to reduce CO2 emissions by 12,000 tonnes.
- A wind farm, in partnership with Notus Energie, with a total capacity of 120 MW and significant energy generation capabilities. It is expected to reduce CO2 emissions by 43,000 tonnes.
Supported by funds from the German Federal Ministry for Economic Cooperation and Development (“BMZ”), these projects will not only result provide environmental benefits but also promote energy security and resilience.
“By expanding solar and wind capacity, we can help Ukraine reduce external dependencies and lay the foundations for sustainable growth. Only a stable renewable energy base can secure the country’s long-term energy security and sustainable development.” - Borislav Kostadinov, GGF Fund Director.
We remain inspired by the resilience of Ukraine.
Our commitment to financing positive change continues to guide us, as we explore further commitments with the National Bank of Ukraine and investments that support energy security and sustainable economic growth.
Read about other recent renewable energy investments across Southeast Europe here.
Renewable energy is central to Ukraine’s long-term recovery and energy independence. Get in touch to learn more about our work in Ukraine.
Information for potential investors
In respect of the United States of America, Canada, Japan or Australia or any other jurisdiction in which the distribution, offer, sale, transfer or resale would be prohibited by applicable law, no investment in notes/shares or other instruments of the Fund (or its sub-fund(s)) can be offered or made.