Accelerating solar rollout in the Western Balkans
Accelerating solar rollout in the Western Balkans
Across the Western Balkans, renewable energy ambitions need to translate into infrastructure at scale.
Turning that potential into real-world impact requires experienced local partners who can move projects from planning to completion.
Corporate financing allows us to support companies building the foundations of the energy transition.
GGF approved a EUR 15 million senior loan facility with Vega Energy, an Albanian engineering, procurement and construction (EPC) contractor specializing in utility-scale solar photovoltaic (PV) plants.
The partnership marks GGF’s first corporate investment in Albania and our first direct partnership with an EPC contractor. This expands GGF’s approach to renewable energy infrastructure financing. It opens new pathways to scaling renewable energy deployment beyond project finance across the Western Balkans.
Purpose of the transaction
Renewable energy is central to the Western Balkan’s long-term energy security. Utility-scale solar can help diversify power supply and make national electricity systems more resilient.
GGF has built a strong track record in renewable energy project finance across its target regions. The partnership with Vega Energy broadens this model by financing a corporate platform that can deliver solar infrastructure at scale across multiple Western Balkan markets.
This transaction reflects a practical shift in how climate finance can reach the real economy. By supporting an experienced EPC contractor, GGF is helping Vega Energy secure equipment and mobilize technical teams to build large solar projects.
As our first corporate engagement in Albania, the senior loan facility reinforces GGF’s role as a catalyst for private sector-led climate action in the Western Balkans.
Use of proceeds
Our EUR 15 million senior loan facility will provide Vega Energy with long-term working capital to support utility-scale solar PV projects.
The financing will allow Vega Energy to secure equipment and mobilize teams across Albania, Kosovo, and North Macedonia. With a six-year tenor, the facility provides Vega Energy with longer-term financing certainty, helping the company plan and deliver on its pipeline. This support helps renewable energy projects move more efficiently from development to construction.
Impact of the project
In Albania and across neighboring markets, Vega Energy’s work is helping translate renewable energy ambitions into operating solar plants. Through its EPC role, the company provides the technical capacity required to bring utility-scale projects online.
GGF’s financing supports this work at a critical stage in the project cycle. With access to permanent working capital that is not widely available in the local market, Vega Energy can secure equipment and mobilize construction teams with greater certainty. This shortens delivery timelines and helps the company provide a larger regional pipeline than would otherwise be possible.
For the Western Balkans, this matters beyond individual project sites. One example is the installation of solar PV on an existing hydropower dam wall. By repurposing an underutilized but already engineered surface, the project adds renewable generation capacity while minimizing habitat disturbance and preserving agricultural land. The project also benefits from existing site infrastructure and grid connections, demonstrating how renewable energy can be expanded with a limited additional environmental footprint. More utility-scale solar capacity can strengthen regional energy independence and support economic growth through clean domestic generation.
The partnership is expected to support a renewable energy portfolio of more than EUR 130 million across Albania, Kosovo, and North Macedonia. This contributes to Vega Energy’s executed and pipeline portfolio, which is expected to exceed 400 MWp (Megawatt-peak) of solar PV capacity by the end of 2026.
About the company
About the company
Vega Energy, part of Vega Group, is one of the leading EPC companies in the Western Balkans specialized in the development and execution of utility-scale solar photovoltaic projects. Since its establishment in 2018, the Group has rapidly expanded its operational and project footprint across Albania, North Macedonia, Kosovo and lately with Italy, delivering large scale renewable energy infrastructure through integrated engineering, procurement, and construction solutions. With a strong execution track record and an ambitious growth pipeline, Vega Group’s executed and pipeline portfolio is expected to exceed 400 MWp by the end of 2026, further strengthening its position as a key contributor to the clean energy transition and sustainable infrastructure development across Southeast Europe.