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July 15, 2025
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GGF grows direct lending, committed to energy transition, energy security

In its Impact Report 2024, Green for Growth Fund outlined how it powers the green transition across Southeast Europe, the Caucasus and beyond – from repurposing coal sites and decarbonizing industries to strengthening energy security and building climate resilience. It ended last year with EUR 1.09 billion in assets under management and an outstanding investment portfolio of EUR 1.03 billion.

Luxembourg-based GGF has become one of the largest green blended-finance funds. It marked its 15th anniversary in 2024 by passing the EUR 1 billion mark in its portfolio.

“To date, we have delivered over EUR 2 billion in green finance through 70+ active financial institutions, companies, and infrastructure projects. This is impact on a systematic level and reflects the dedication of our partners, teams, and investors. We delivered many landmark projects as we continue to grow our direct lending,” the fund said in its 2024 Impact Report: Breaking the billion for lasting green impact.

GGF highlighted its role in transforming legacy energy systems into clean energy sites in North Macedonia. “We are also investing in corporate decarbonization across resource-intensive sectors in Turkey, including the country’s second-largest retail chain. Working with our financial institution partners, Ukraine’s energy security – and the security of the wider region – remains our focus,” the update reads.

Driving the energy transition and strengthening energy security is an urgent task, the fund said and stressed that its commitment remains strong. It ended 2024 with EUR 1.09 billion in assets under management and an outstanding investment portfolio of EUR 1.03 billion.

Energy-intensive sectors in region can decarbonize

The cumulative volume invested in partner lending institutions has reached EUR 2 billion. GGF is active in 18 countries.

“Passing the EUR 1 billion mark brings greater responsibility. We must continue to show the world that energy-intensive sectors in the region can decarbonize and renewables can lead to energy stability and security,” Chairperson of the Board of Directors Simon Gupta stated.

Headline figures include 1.4 million tons of carbon dioxide emission savings per year, which is the equivalent of taking 949,000 cars off the road. GGF supported 1.76 GW of renewable energy capacity through 2024, which is a whopping 36.4% more than one year before. Its activity resulted in 2.16 million cubic meters of water saved or treated per annum, which translates to 865 swimming pools.

GGF strategically manages impact through supporting measures that mitigate climate change and promote sustainable economic growth in Southeast Europe including Turkey, the European Eastern Neighborhood Region, and the Middle East and North Africa.

From coal pit to solar plant

Recognizing the need for energy independence, the Western Balkans are prioritizing projects that support the green energy transition, GGF pointed out.

“But financing is essential to help countries shift to domestic and clean renewable power. We arranged EUR 25.7 million in project financing for a 50 MW solar power generation project on the site of the former Oslomej coal mine in Kičevo, North Macedonia,” it added.

GGF arranged a EUR 25.7 million package for a PV plant on former coal mining land in the REK Oslomej complex in North Macedonia

The region’s reliance on legacy coal-fired power plants has resulted in outages, shortfalls, closures and volatile energy costs, GGF warned. “Governments recognize this and are increasingly prioritizing sustainable power projects aimed at reducing fossil fuel imports, lowering costs and stabilizing energy supply. To fulfill this ambitious agenda, they need support,” the fund stressed.

Oslomej is GGF’s second project finance transaction in North Macedonia, following its investment as a minority shareholder in the 36 MW Bogoslovec wind farm in 2021.

“Our investment in the Oslomej solar project underscores our commitment to North Macedonia’s green energy transition. By reducing reliance on fossil fuels and enhancing energy security, this project aligns with our mission to mitigate climate change and promote sustainable energy solutions,” said Fund Director for GGF at Finance in Motion Borislav Kostadinov.

Of note, he was one of the keynote speakers at this year’s edition of Belgrade Energy Forum (BEF 2025), organized by Balkan Green Energy News. Finance in Motion is GGF’s advisor.

Future-proofing Turkish businesses

The fund provided USD 26 million to Sanko Tekstil, one of the largest yarn producers in Turkey. It financed the full cost of a 20 MW rooftop photovoltaic system and partially covered the construction of a fiber recycling facility in Gaziantep.

Meanwhile, a USD 18 million investment into A101, the country’s second-largest retail chain, is decarbonizing store operations across 81 cities via a large-scale solar installation. It supported a 30 MW solar power project, expected to meet 10% of the company’s electricity needs.

Embedding sustainability

GGF complements its financing with advisory and capacity-building services, and risk-management support. It includes environmental and social due diligence, as well as monitoring, to keep projects aligned with international best practices.

The advisory and capacity-building activities in 2024 focused on embedding sustainability and advancing green finance across partner institutions.

A key highlight was the completion of four Deep Greening Mainstreaming projects, which supported financial institutions in developing strategies in the environmental, social, and governance (ESG) sector, green products, and internal sustainability structures.

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July 14, 2025
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Visual Fan to install BESS facility of 65 MWh for Renovatio Trading

Visual Fan will install a 65 MWh energy storage for Renovatio Trading in Toplița in Romania’s Harghita county.

The batteries market in Romania is very active these days.

The battery energy storage system  (BESS) will be built by Allview Energy, Visual Fan’s division specialized in the development of large-scale photovoltaic parks, including storage capacities.

It is the first major contract for the implementation of a power storage system, Allview said.

The contract is valued at EUR 9.2 million. It is set to be implemented in association with partners Enersec Technology and TQM Services.

The implementation period for the contract is seven months

The project includes state-of-the-art technologies in terms of batteries and energy flow control, according to Allview.

The implementation period is seven months. The deal includes all stages of the project – engineering, procurement and execution, full integration into the energy system and the successful completion and testing.

The goal is to help balance the national grid and accelerate the integration of green energy into daily consumption, Allview added.

“The signing of this contract marks a defining moment in Visual Fan’s development journey, reflecting the company’s strategic maturity and the market’s growing confidence in our skills. Since the end of 2024 and the beginning of 2025, the company has entered a new stage of consolidation and expansion, by attracting major projects, which validate the management’s strategic vision, the team’s expertise and the ability to implement complex solutions on a large scale,” said Christina Munteanu, Economic Director of Visual Fan.

Peticilă: Thec ontract is a confirmation of the active role that Visual Fan has in Romania’s energy future

According to Visual Fan CEO Lucian Peticilă, the signing of the contract is a confirmation of the company’s strategic vision and the active role it has in Romania’s energy future.

Visual Fan is happy to build this path together with Renovatio Trading, guided by the same vision: a clean, balanced and sustainable energy future for Romania, he added.

Of note, a few days ago the National Energy Regulatory Authority of Romania (ANRE) approved a regulation eliminating double taxation of energy storage, to accelerate the deployment of solutions for storing electricity.

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July 14, 2025
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Three quarters of global solar, wind capacity under construction is in China

China continues to dominate the renewable energy landscape, representing 29% of all planned wind and solar capacity and a staggering three quarters of the segment under construction, according to the Global Energy Monitor.

All prospective projects in the world would have 4,484 GW in total capacity, of which 1,302 GW is in China. Next are Brazil, Australia and the United States.

The group consists of announced projects and the ones in the pre-construction phase and under construction. The list comprises solar projects of 20 MW or more and wind projects of at least 10 MW, both in terms of connection capacity.

There is 689 GW of new wind farms and photovoltaic plants in the world under construction. China accounts for 74% or 510 GW, the data reads.

According to Global Energy Monitor’s Global Solar Power Tracker, China has over 709 GW of prospective solar capacity, representing over one third of the global pipeline in 2025.

The country’s wind capacity has a similar rate of growth as solar, per Global Energy Monitor’s Global Wind Power Tracker. There is over 590 GW in prospective phases — nearly 530 GW onshore and 63 GW offshore. China’s prospective capacity accounts for about one third of the worldwide total.

The rapid buildout underscores China’s drive to accelerate its renewable energy development, with at least 205 GW slated to come online by the end of the year, though the total capacity is expected to be even higher, the update shows.

“China is fast-tracking a 1.3 TW pipeline of utility-scale solar and wind projects. Of this, 510 GW is already under construction, primed to be added to China’s 1.4 TW solar and wind capacity already in operation,” Global Energy Monitor said.

As of March 2025, China is the world’s offshore wind powerhouse, growing from under 5 GW in 2018 to 42.7 GW in 2025 (50% of global capacity).

China’s 1.4 TW in operating solar and wind parks outstrips thermal power

In Q1 2025, China’s combined wind and solar capacity surpassed its total coal and gas segment for the first time, supplying nearly 23% of the country’s total electricity consumed, compared to roughly 18% in Q1 2024, the National Energy Administration (NEA) revealed.

Moreover, the increase in output from solar, wind, and other non-fossil energy met China’s additional electricity demand in Q1 2025. Its operating solar and wind capacity soared to 1.4 TW altogether, now accounting for 44% of the global total. It is also more than the combined total of the European Union, United States, and India, the Global Energy Monitor underscored.

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July 14, 2025
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Public call for funding for energy communities in Western Balkans

The Emilia-Romagna Region in northern Italy is supporting the creation and strengthening of renewable energy communities (RECs) in five countries in the Western Balkans. Ten projects can receive up to EUR 200,000 each, alongside technical and other support.

For-profit and non-profit entities in Albania, Bosnia and Herzegovina, Montenegro, North Macedonia and Serbia are eligible for an open call for the setup, empowerment and potential investment in renewable energy communities (RECs). Within a project funded by the European Commission’s Directorate-General for Regional and Urban Policy (DG Regio), the Emilia-Romagna Region invited expressions of interest.

The initiative is called Better Cohesion through Development of Energy Communities in the Western Balkans. The administration of the northern Italian region is conducting the activity with the support of its consortium ART-ER Attractiveness Research Territory. It includes universities, research institutions, the regional chamber of commerce, local authorities and other stakeholders.

Up to 10 projects, or two per country, would receive a maximum of EUR 200,000, together with support in financial planning and community governance, technical assistance and mentoring and access to a digital energy management tool.

Phase 2 is for existing renewable energy communities

Eligible applicants in phase 1 include municipalities, nongovernmental organizations, associations, cooperatives, small and medium-sized enterprises and informal citizen groups with the capacity to formalize. All project activities must be carried out on a not-for-profit basis, meaning any surplus must be reinvested in the community.

Cross-border projects with partners in Croatia, Greece, Slovenia and Italy are eligible

Phase 1 is for candidates looking to activate a new energy community from the ground up — from stakeholder mobilisation to legal establishment. Existing renewable energy communities can enter in phase 2, to assess feasibility and conduct small-scale energy infrastructure investment.

The Emilia-Romagna Region pointed out that the call is also open for cross-border projects with partners in Croatia, Greece, Slovenia, and Italy – the European Union member states within the EU Strategy for the Adriatic and Ionian Region (EUSAIR).

Second deadline to submit drafts is October 20

Applicants are encouraged to engage with the process even at an early or conceptual stage of their initiative, as technical support and guidance will be provided to strengthen and finalize proposals, according to the documentation. The call will consist of two rounds.

The first draft proposal submission deadline is July 16, followed by the negotiation phase until August 22 and a deadline for final proposals on September 8. The respective dates for the second round are October 20, November 21 and December 5.

Applicants that are not yet ready can participate in the second round. It is also the opportunity to fulfill the quota of two projects per country.

Members of RECs must be located near their projects

The Western Balkans are introducing the legal framework for citizen energy communities (CECs) and renewable energy communities (RECs).

Shareholders or members of a renewable energy community are located in the proximity of the renewable energy project that it owns and develops. They are natural persons, small and medium-sized enterprises and local authorities.

A private enterprise can participate in RECs if it isn’t its primary commercial or professional activity

RECs utilize technology for energy production only from renewable sources, encompassing electricity, gas and heat. Private enterprises can participate in such a community only if it isn’t their primary commercial or professional activity.

CECs are limited to electricity but they can use fossil fuels

Citizen energy communities gather individuals, local authorities including municipalities and small enterprises. They engage in generation, distribution, supply, consumption, aggregation, energy storage, energy efficiency services and charging services for electric vehicles. CECs can also provide other energy services to its members or shareholders.

They can operate on a national scale and have the flexibility to employ both fossil fuel– and renewables-based technologies, but solely for electricity production. The range of activities of CECs is broader than for RECs.

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July 11, 2025
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INA, E.ON sign power purchase agreement in Croatia

Croatian oil and gas company INA and German energy giant E.ON’s subsidiary in the Southeastern European country have signed a power purchase agreement for electricity from renewable sources.

The power purchase agreement (PPA) will enable INA, majority-owned by Hungarian MOL, to use energy from its own power plants, even from remote locations where the produced electricity or surplus is fed into the grid, the companies said.

The electricity purchase covers three cogeneration plants and 18 photovoltaic plants with a total annual production of 20 GWh. INA’s largest solar power units, Virje and Sisak, have a combined capacity of about 13 MW.

The companies said it is a 2-in-1 solution – supply and purchase of electricity, creating a long-term sustainable energy system and allowing energy produced at one location to be used at another.

E.ON Croatia said it is connecting production and consumption into one efficient, closed energy system

With the partnership, the two firms are connecting production and consumption into one efficient, closed energy system, said E.ON Croatia.

It marks a new phase of cooperation, focused on developing a smarter, more flexible energy system, sustainable in the long term, according to the German energy giant’s subsidiary.

Ivica Kuliš, manager of the energy retail division of E.ON Croatia, said the utility is proud to become INA’s key partner in its electrification efforts, not only through supply but also by purchasing electricity. It directly enables flexible, locally produced energy to be available where it is needed most, he added.

Sokolović: INA is laying the foundation for long-term energy independence and decarbonization

By investing in its own production and using the PPA model, INA is laying the foundation for long-term energy independence and the decarbonization of its operations, said Dalibor Sokolović, head of the company’s department for new and sustainable businesses.

Such solutions enable more flexible and responsible resource management, Sokolović added.

Of note, according to an earlier analysis by Pexapark, the European PPA market entered an adjustment chapter last year, characterized by record deal-making for smaller volumes. Namely, the firm’s tracker registered a decrease of around 11% in total disclosed contracted volumes vis-à-vis 2023, to 15.2 GW.

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July 11, 2025
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Solar beats nuclear in June, becoming EU’s biggest electricity source for first time

Solar became the EU’s largest source of electricity for the first time in June 2025. National records for both photovoltaics and wind rolled in in May and June, pushing coal to an all-time low.

Solar was the largest source of electricity in the European Union for the first time last month, with multiple countries producing record amounts of solar power, Ember found. Wind power achieved the highest ever generation for the months of May and June, the think tank said.

Solar power generated 22.1% of EU electricity (45.4 TWh) in June, more than any other power source. It was a year-over-year increase of 22%. In second place was nuclear, with 21.8% (44.7 TWh), followed by wind, with 15.8% (32.4 TWh).

The big opportunity now comes from adding battery storage and flexibility to extend the use of renewable power into mornings and evenings, where fossil fuels still set high power prices, according to Ember’s Senior Energy analyst Chris Rosslowe.

At least thirteen EU countries set monthly solar records

At least thirteen countries recorded their highest-ever month of solar generation, amid an ongoing surge in photovoltaic installations. Among them were Bulgaria, Croatia, Greece, Slovenia and Romania, all the EU countries in the region that Balkan Green Energy News is focused on except Cyprus, for which there was no data for June.

Wind power reached an all-time high shares of 16.6% (33.7 TWh) and 15.8% (32.4 TWh) in May and June, respectively

Strong photovoltaic output helped the power system to handle higher levels of demand resulting from heatwaves that gripped the continent towards the end of the month, according to the report.

Wind farms generated 16.6% (33.7 TWh) and 15.8% (32.4 TWh) of EU electricity in May and June, respectively. It was an all-time high for both months. Notably, at the start of the year, wind conditions were relatively poor. They improved, and they were the main driver, though capacity has been continuously growing over the past year. Several large offshore wind farms were commissioned.

Coal falls to record low

As a result of high renewables generation in June, coal had the lowest-ever share of EU electricity. Total fossil generation was also low, but it grew in the entire first half of the year on an annual basis.

Coal generated just 6.1% (12.6 TWh) of EU electricity in June, down from the 8.8% registered in the same month of last year.

The two countries that account for the vast majority of EU coal power (79% in June) both saw record lows in June. Namely, Germany generated just 12.4% (4.8 TWh) of its power from coal, and Poland 42.9% (5.1 TWh). Four other countries recorded their lowest-ever month of coal generation in June: Czechia (17.9%), Bulgaria (16.7%), Denmark (3.3%) and Spain (0.6%), which is approaching its coal phaseout.

Fossil fuels generated 23.6% (48.5 TWh) of EU electricity in June, just above the record low of 22.9% in May 2024. Nevertheless, fossil generation in the first half of 2025 was 13% higher (by 45.7 TWh) than in the first half of 2024, mainly due to a jump in gas generation by 19% or 35.5 TWh. Lower hydropower (due to drought) and wind generation than last year, and increasing demand marked the period.

Electricity demand continued on an upward trajectory. In the first half of 2025, the EU consumed 1.31 PWh of electricity or 2.2% more than in the same period of last year.

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