Invest in 

  clean energy

solar

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.

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 23 | *modelled by Finance in Motion based on primary reporting / 3rd-party data

Green for Growth's work in Serbia

The Green for Growth Fund (GGF) aims to cut energy use and CO2 emissions and improve resource efficiency in its target markets, including Serbia. The country has some of the largest coal reserves in Europe and currently produces 66% of its electricity from coal. Investing in renewable energy helps Serbia reduce its reliance on fossil fuels.

SDGs Supported
GGF Matrix Story final

Use of proceeds

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.

GGF Header image Gori wind farm

Impact of the partnership

  • 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.

renewables

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

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.

GGF Windmill

Latest Insights

View all insights
15/09/2025 Impact Stories

Banking on Tea in Africa

Kenya is the world’s largest exporter of black tea, supporting 600,000 rural smallholders. Yet the sector faces biodiversity loss, climate stress, and unsustainable farming practices that threaten its future. Moreover, the small/micro producers are typically underserved by traditional banks, but Family Bank has developed a solution to cater for this profile of producers.

ebf1 al
15/09/2025 Impact Stories

Peru's first thematic bond

Peru is an investment-grade country which has seen some of the first thematic (green) bond issuances in the region over the years. However, more recently, the market dynamic has reduced to a dependency on sovereign and public issuances.  With support from our LAGreen Fund, Banco Interamericano de Finanzas (BanBif) has issued its inaugural subordinated green bond, a groundbreaking, first-of-its-kind transaction that signals a new era for Peru’s sustainable finance landscape.

lagreen impact report 1
15/09/2025 Impact Stories

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

Build a career that matters

Join a team shaping the future of asset management through innovation, strategy, and meaningful impact.

See open position