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Coal pits to solar plants

Coal pits

to solar plants

Recognising the need for affordable and secure energy, the Western Balkans are prioritizing renewables projects that deliver on the energy transition. In North Macedonia, the disused Oslomej coal mine has been transformed into a 50MW solar power plant—one of 17 flagship projects under the EU-backed Western Balkans Investment Framework.

Solar plants GGF

Investment

€25.7M

in project financing for construction and operation

Why We Invested

ggf impact story report

 

North Macedonia emerged from Yugoslavia with a wealth of well-developed legacy infrastructure based on lignite and hydropower. Proceeding decades, however, saw little investment, leading to falling effective capacity and increasing electricity imports. 

 

In the wake of Russia’s invasion of Ukraine, the country urgently needed to stabilize its energy supply and reduce fossil fuel imports. By investing €25.7M in Oslomej – the Green for Growth Fund’s (GGF) second direct investment in sustainable Macedonian infrastructure – is kickstarting a powerful symbol of the country’s green transition.

Value Creation & Sustainability

ggf impact story report2

 

The investment mobilizes private capital alongside public partners and diversifies GGF’s renewable energy portfolio. With clear risk-sharing and long-term revenue generation, the project positions investors at the forefront of the region’s structural shift towards renewable energy.

 

Displacing lignite with solar power cuts emissions and strengthens energy security. The project creates local jobs and helps reskill the mine’s former workforce to better participate in the green economy. Our Advisory & Capacity Building ensured compliance with international standards, embedding biodiversity protection, climate adaptation, and social safeguards into the project. 

Fund information

The funds, sub-funds and securities described herein (or in any other linked or related website) are not being offered for sale to the public in the United States of America or in any other jurisdiction in which a public offer would be prohibited by applicable law. To the extent funds, sub-funds and securities described herein (or in any other linked or related website) are being offered in these jurisdictions (some of the funds, sub-funds and securities may not be offered in certain jurisdictions), they will only be offered by private placement to a limited number of qualified institutional investors in accordance with the applicable laws and regulations in these jurisdictions. Offers will only be made pursuant to a private placement memorandum approved by the funds. Institutional investors in these jurisdictions that wish to learn more about the funds, sub-funds and securities should contact the persons listed below for further inquiry.

Special notice as regards the European Fund for Southeast Europe, the Green for Growth Fund and the Latin American Green Bond Fund: 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 these funds (or their respective sub-fund(s)) can be offered or made.

All funds are managed or advised (as the case may be) by Finance in Motion Asset Management S.à r.l., a Luxembourg-based Alternative Investment Fund Manager directly supervised by the Luxembourg regulator, the Commission de Surveillance du Secteur Financier (CSSF).

  • Finance in Motion Asset Management S.à r.l.
  • 68, Bd de la Pétrusse,
  • L-2320 Luxembourg