The GGF surpassed major milestones in 2017, increasing the total financing it has provided to final borrowers since inception by more than a third, to over EUR 600 million, across more than 25,000 individual projects. At the same time, the fund has maintained high levels of impact in terms of reducing energy use and CO2 emissions. To track and manage the impact of this growing portfolio of projects, the GGF collects detailed data on every individual sub-loan using a dedicated online reporting tool.
These results have been achieved across an ever-increasing number of geographies, including the GGF’s first financed projects in the MEN A region, and with a wide range of recipients that characterize the fund’s flexible and inclusive approach, including private households, small and medium sized enterprises (SME s), corporates, agricultural producers and commercial project developers.
This success relies not only on the financial structures that underpin the GGF and which allow it to operate across regions and contexts, but also on the support that is provided to partner institutions and national stakeholders to effectively engage with green energy finance. The fund combines its financial offering with tailored technical assistance to build capacities with partners and across the investment ecosystem, ensuring that energy efficiency, renewable energy and improved resource management move toward the mainstream.
Serbia has ambitious goals to raise the share of energy consumption from renewable sources to 27 % by 2020. This includes adding almost 500 MW of wind power capacity as part of a shift away from coal-based generation. The GGF is playing a vital role in this transition through its support of an expected 200 MW of this growth, approximately 40 % of the country’s target, by providing financing both through local financial institutions, as well as directly to projects in collaboration with international financial institutions.
The GGF has become a key supporter of green leasing in Tunisia since its expansion to the MENA region in 2016. Although comprising less than 10 % of the financial sector in Tunisia, leasing institutions are an important channel to help SMEs gain access to finance. This is vital in the region, where SMEs play a large role in private sector employment and contribute significantly to economic development. Support from the GGF has financed upgrades across many sectors – such as food and beverage production, commercial transport and printing services – which not only deliver energy savings, but also improve overall competitiveness and productivity.