About The Fund

Two men wearing helmets and high-visibility jackets working outside on solar panels

About the Fund

The Green for Growth Fund (GGF) is an impact investment fund that mitigates climate change and promotes sustainable economic growth by investing in measures that reduce energy consumption, resource use and CO2 emissions.

The fund, a blended finance structure, is a public-private partnership that leverages risk-capital provided by public institutions with additional private capital to substantially increase investment volumes to regions and sectors that do not normally attract such flows, and is an early and successful example of blended finance in action. The fund channels this dedicated financing to businesses and households through local financial institutions, and through direct investments to eligible projects and companies.

A dedicated Technical Assistance Facility provides know-how and technical expertise to ensure that these investments are successfully implemented and to a high international standard. It raises awareness on the importance of energy and resource efficiency and renewable energy and helps to develop the capacity of the GGF’s partners, as well as the market in general, to successfully deliver green finance and increase its demand.

The GGF operates in 19 markets across Southeast Europe, Turkey, the European Eastern Neighbourhood Region, and the Middle East and North Africa.

How the fund works

Founded in 2009 and advised by Finance in Motion, the GGF is a unique public-private partnership with a layered risk-return structure that blends funding from public sources and international financial institutions to attract private capital, engaging a wide array of investors in its activities.

As an initiative of the European Investment Bank and Germany’s KfW Development Bank, the GGF is designed to complement existing programs and funding sources in the regions in which it operates.

To achieve meaningful green impact, the GGF's investments target at least a 20% reduction in energy consumption and/or CO2 emissions, as well as additional impacts related to water, waste and material inputs. The fund achieves this by working with local financial and non-financial institutions, and renewable energy project developers in its regions of operation.   


Where the GGF invests

Our Investees

Below are some of the sample investees which the fund can finance.

Municipalities and public sector entities
Renewable energy projects (Direct Investments)
Renewable energy project companies (SPVs)
Other Non-Financial Institutions (DIRECT INVESTMENTS)
Corporates (e.g. industry or service sectors)
Energy Service Companies (ESCOs)
Municipalities and public sector entities


Financial institutions play a vital role in mainstreaming energy and resource efficiency and renewable energy investments with their clients by providing targeted financing to households, businesses, projects and public entities.

The GGF supports financial institutions by lending to such institutions to on-lend to end-borrowers. In addition, the fund works closely with its partner financial institutions to promote green finance as a viable business line for them. Engaged from the outset, the GGF provides support to develop green finance products, train partner staff, enhance a partner’s capacity to assess environmental and social impacts, build awareness of green finance within a partner institution, and offer assistance to end-clients for green investments, promoting sustainable growth.


Renewable Energy Projects

The GGF provides direct financing for select renewable energy projects in its regions of operation. The fund supports projects that use established technologies such as wind, solar thermal, photovoltaic (PV), hydropower, biomass, geothermal, storage and biogas. While the fund typically provides senior debt, it can also provide mezzanine financing for project finance transactions. The fund can either serve as a sole lender or as part of a club. The fund is also an approved B-Lender to a number of international financial institutions. For senior debt, the GGF’s contribution is typically between EUR 10-25 million per transaction for tenors of up to 20 years.

Investing in renewable energy projects is a growing aspect of the GGF’s portfolio, directly contributing to the long-term development of sustainable energy production and reduced CO2 emissions to mitigate climate change. To date, the GGF has supported over 700 MW of projects across its regions of operation. Many of these are the first of their kind in their country. In this way, the GGF is achieving strong impact by helping open markets for commercial renewable energy development.

The fund has strict environmental and social (E&S) criteria and all projects must adhere to the GGF’s E&S Policy. Please contact the fund’s advisor, Finance in Motion, for further details.

Other Non-Financial Institutions

The GGF also provides financing to other types of non-financial institutions, such as: companies making eligible investments within their facilities, producers and vendors of energy and resource efficient technologies, energy service and supply companies (ESCOs), or public sector entities for improved infrastructure and services.

The GGF selects investments depending on the positive impacts they deliver, environmental and social (E&S) considerations, and financial strength of the proposed counterparty, among other aspects.

Institutional Structure

The initiators of the Green for Growth Fund are the European Investment Bank and Germany’s KfW Development Bank. The fund is additionally supported by contributions from the European Commission and the German Federal Ministry for Economic Cooperation and Development (BMZ) and a diverse group of international financial institutions and private investors.

Appointed by the shareholders, the fund’s Board of Directors is the main decision-making body, overseeing the fund and determining its strategy and approach.
 The board appoints the Investment Committee, comprising specialists in finance and energy. The Investment Committee approves all investment decisions, ensuring that they comply with the fund’s high standards and the strategic direction laid out by the Board of Directors.

The Board has also appointed an FX Committee to vet pricing and other matters pertaining to the fund’s local currency investments made utilizing its “L Share” class. These specialized shares enable the fund to internally absorb currency fluctuations made in local currency by allocating the related foreign exchange gains and losses to this dedicated share class.  

The Technical Assistance Facility Committee approves the technical assistance projects proposed by the Advisor.

Specialist firms provide professional services to the GGF. The Advisor, Finance in Motion, supported by the Technical Advisor, MACS, ensures that each investment proposed to the Investment Committee has been thoroughly reviewed in terms of risks, opportunities, and impact.

Finance in Motion as the Technical Assistance Facility Manager coordinates and conducts technical assistance projects under the supervision of the Technical Assistance Facility Committee.


The GGF’s Advisor is Finance in Motion, a global impact asset manager focused exclusively on sustainable development in low and middle-income countries. Finance in Motion is responsible for identifying and structuring investments, preparing legal documentation, monitoring ongoing investment and development performance, and managing the relationships with the fund’s partner institutions. Finance in Motion also provides risk and transaction management services to the GGF. For more information on Finance in Motion, please visit www.finance-in-motion.com.

Technical Advisor

Finance in Motion serves as the Advisor has selected MACS Energy & Water as its Technical Advisor. MACS is an international consulting company with interdisciplinary capacities in the finance and infrastructure sectors. MACS provides technical advice and support in assessing and reporting the environmental impacts of the Fund. For more information, click here.


Technical Assistance Facility Manager

Finance in Motion serves as the Technical Assistance Facility Manager, working to identify and support the technical assistance needs of the fund’s investees, build the green finance ecosystem, and develop and expand the energy efficiency, resource efficiency, and renewable energy sectors in the fund’s regions of operation. 

Depository, Central Admin. & Domiciliation Agent

Banque de Luxembourg has been appointed as the GGF’s Depositary, Central Administration and Domiciliation Agent, with European Fund Administration acting as Central Administration for the GGF by sub-delegation of Banque de Luxembourg.

General Secretary

Innpact serves as the General Secretary to the GGF.

Legal Advisor

The legal advisor of the fund as to Luxembourg law is Arendt.


Ernst & Young provides auditing services.

Board of Directors

Chris Knowles Chairperson

Christopher Knowles is an independent advisor on climate and environmental finance. He was a long-term member of EIB until 2018, where he led the climate and environmental finance team, contributing scale and innovation to the bank’s climate change agenda. Chris has served on the supervisory boards and advisory committees of numerous clean energy, environmental, infrastructure, and carbon funds. He is currently a Member of the Board of the eco.business fund. Chris holds an M.Sc in Management Science from the University of Durham.

Diana Wesselius Member

Diana Wesselius is a manager at FMO, overseeing private equity investments in the energy sector in global emerging markets. Previously, she served in a variety of management positions at FMO, covering energy, infrastructure, and financial institutions activities. Diana managed the Access to Energy Fund and the Infrastructure Development Fund, both funds that FMO manages on behalf of the Dutch government. Prior to joining FMO, Diana worked at ING Group for 8 years, where she held positions at the Asset Management and Wholesale Banking divisions.

Diana holds a Master’s degree in Business Administration from Nyenrode Business University.

6.8	Diana Wesselius
Hubert Cottogni
Hubert Cottogni Member

Hubert Cottogni is the Head of the Mandate Management Department, as well as a Deputy Director, for the European Investment Fund (EIF). He is responsible for originating and managing both regional and centralized mandates as well as Fund of Funds throughout Europe and beyond. In parallel, Hubert Cottogni sits on the board of several prominent funds, such as the GGF and the European Fund for Southeast Europe.

Prior to this position, he was a Director of Telekom Austria in Vienna, where he spent over 6 years as Head of Strategy and Business Development, and later as Director of Mergers and Acquisitions. He also spent more than 12 years working as a senior banker at institutions such as EIB and Creditanstalt AG.

Mr. Cottogni holds a degree in Business and Administration from the University of Innsbruck. He also holds an MBA from the University of Innsbruck as well as an executive degree from INSEAD.


Marion Hoenicke Member

Marion Hoenicke has been with the European Investment Bank (EIB) in Luxembourg since 1997, where she currently heads the Neighbouring Countries – Banks division. Marion is responsible for EIB’s activities in the Eastern Neighbourhood and Southern Neighbourhood Regions.

She previously worked for six years in the telecommunications sector in Germany and France.

Marion holds a degree in Electronical Engineering from the Technical University of Chemnitz.


Marion Hoenicke
Stéphanie Flora M. Capdeville Member

Stéphanie has joined the Green for Growth Fund Board, as an Independent Director proposed by the International Finance Corporation (IFC) in June 2020. She has served as a Board member in several NGOs, such as the French Association of Climate Consultancies (APCC) and Greenpeace España.

With a robust background in Capital Markets derivatives (Soc Gen) in the 90’s, then early steps of Sustainable Investment in Europe (SAM Sustainable Asset Management / Dow Jones Sustainability Indexes / Robeco and Triodos Bank), Stéphanie has been introduced to carbon trading & Renewable Energy and Forestry projects portfolio risk management, during first phase of Kyoto Protocol (Ecofys / Vitol).

Following reshape of carbon markets to climate finance, Stéphanie had the chance to support the Republic of Gabon climate strategy & policy for 3 years, including enrolment of key financial institutions (Sovereign Fund FGIS & Caisse des Dépôts et Consignations CDC), and building the country framework with the Green Climate Fund (GCF), which she then joined from 2016 to 2018 as Africa Regional Adviser to provide similar services across the continent.

In parallel to Board member activities, Stéphanie is a Partner of a Gabonese consultancy AIC Tax & Legal and thus still brings expertise to many key institutions across Sub-Saharan Africa (Development Bank of Central Africa BDEAC, National Sustainable Development Fund FNDS of Mozambique, Fiduciary Agency of Sao Tomé e Principe Ministry of Finance AFAP, United Cities and Local Governments of Africa CGLU and Common Market of Eastern and Southern Africa COMESA) in defining their green finance strategy and engagement vis-à-vis the GCF.

Stéphanie holds a MBA from “Ecole Supérieure des Sciences Economiques et Commerciales”, France.

Terry McCallion Member

Terry McCallion is the Director of the EBRD Energy Efficiency and Climate Change Team in the Banking Department, based in London. He previously was a banker in the EBRD’s Financial Institutions Team working on transactions with banks, insurance companies and mortgage finance clients. Prior to joining the EBRD, Terry was Finance Manager at MMT, an environmental technology business in the United States.

He started his career as an engineer in the oil and gas business with Bechtel before attending business school and moving into banking and finance. He holds a B.Sc. in Chemical Engineering from Queens University and an MBA from Columbia Business School.

Silke Stadtmann
Sergiy Maslichenko
Wolf Muth Member

Wolf Muth has worked for over 25 years in various professional and managerial positions in the KfW Group. Since 2016, he is the Deputy Director and Regional Manager North Africa at the KfW Development Bank. He was the director of the KfW Cario office from 2013 to 2016 and prior to that, he was in charge of renewable energy and energy efficiency projects in the MENA region as well as key accountant for renewable energy initiatives.

Prior to joining KfW Development Bank, he served as Vice President in KfW’s Department of Executive Affairs and Corporate Policy and has been particularly involved in the privatization of the state-owned companies, assisting in capital market transactions. Before that, he worked at KfW IPEX Bank as Vice President in the aviation sector (acquisition, structuring and financing) in charge of commercial projects worldwide. During that time, Mr. Muth was seconded for two years to the Global Energy Group of Credit Suisse, New York, where he was involved in investment banking for the U.S. and international power and energy companies.

Wolf Muth holds a Bachelor Degree in Agricultural Economics (Munich and Kiel, Germany) and a Master Degree in Marketing and Management (Cranfield University, UK).