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Invest in clean energy in Serbia

Invest in 

clean energy

In one of the largest transactions in the fund’s history, GGF deepened its strategic engagement with UniCredit Bank Serbia, supporting utility-scale renewable energy projects across Serbia.

solar

Measurable Impact

133,000 tons of CO2

Expected GHG emissions avoided per year
Equivalent to the emissions of over 28,000 passenger vehicles

400,000 MWh

Expected primary energy savings per year
Equivalent to the approximate electricity use of 100,000+ EU dwellings

 

 

 

 

 

 

 

Figures as of Q4 2023 | Figures modelled by Finance in Motion based on primary reporting and third-party data 

Use of proceeds

GGF Header image Gori wind farm

GGF's loans finance utility-scale renewable energy projects across the country, with a focus on solar and wind.

 

Purpose of the partnership between GGF and UCB Serbia
UniCredit Bank Serbia plays a systemic role in the Serbian economy and financial system. It is a recognised leader in green finance and renewable energy projects.

Impact of the partnership

renewables
  • Accelerates Serbia’s clean energy transition, helping it achieve
    clean energy targets
  • Advances regional energy independence and resilience
  • Contributes significantly to the EU Taxonomy for sustainable
    activities under climate change mitigation
  • Develops the renewable energy sector and boosts economic growth

 

Support beyond the investment
Our team is providing advice and capacity building to renewable energy developers in Serbia - supporting technical due diligence activities and construction monitoring. Our Green Academy Initiative is also supporting the bank’s staff with capacity development.
Across Serbia, we draw on our track record and network to drive sector development. We currently invest 10% of our portfolio and conduct 9% of our advisory and capacity building projects in the region.

By enabling investment in these projects, we not only boost economic growth, but we also empower companies in green transition for a better future.

Nikola Vuletić | Chairperson of the Management Board of UniCredit Bank Serbia

Impact Spotlight

GGF Windmill

UniCredit Bank Serbia has disbursed EUR 61m in sub-loans to 307 end-borrowers, including large corporates, SMEs, and retail clients. Recently, the bank has used GGF funds to cofinance the 154MW Cibuk 2 wind farm, after winning the 2023 auctions. Construction on the project has already begun and it is predicted to be operational by Q1 2026. The project is expected to supply electricity to around 62,000 homes and be one of the largest contributors of impact in the fund’s portfolio.

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