• ASN Bank boosts GGF's renewable energy and MSME initiatives with notable EUR 21.7 million investment

Luxembourg and The Hague, 31 January 2024 – ASN Bank, one of the largest Dutch sustainability driven banks, has reaffirmed its long-standing partnership with the Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, through a substantial investment of EUR 21.7 million. This latest contribution builds upon ASN Bank's initial investment of USD 25 million in 2017, underscoring a robust and enduring collaboration.

The latest investment provides essential capital for GGF's ongoing initiatives, which places climate action at the forefront of its activities. This financial commitment reflects ASN Bank's dedication to advancing environmental sustainability and fostering positive change. Additionally, this partnership is aligned with the goal to accelerate the energy transition. The GGF, advised by Finance in Motion, actively contributes to financing renewable energy projects and energy efficiency measures through direct investments and collaborations with local banks. Since inception, the fund’s activities have led to 1.2 million tons of annual CO2 emissions reductions and 4.53 million MW/h of annual energy savings [Figures as of September 30, 2023].

"We are delighted to deepen our partnership with ASN Bank, a long-standing ally in our shared commitment to climate action. This substantial reinvestment not only underscores the success of our past collaborations but also propels us forward in our mission to drive positive environmental change and finance projects that make a tangible difference in the transition to a greener, more sustainable future", commented Christopher Knowles, Chairperson of the GGF.

"This investment emphasizes the pivotal role of private sector investment in catalyzing positive change. Finance in Motion’s commitment to increasing the share of private capital is reflected in our enduring partnership with ASN Bank, a highly valued investor. This collaboration propels the fund towards a future where private capital is a driving force in transforming renewable energy projects and bolstering energy efficiency," added Borislav Kostadinov, Fund Director for the Green for Growth Fund’s mandate at Finance in Motion, GGF's advisor.

Arie Koornneef, General Director of ASN Bank added: “ASN Bank intends to fund projects that reduce carbon emissions and increase the energy transition. Our investment in this fund provides an opportunity to create a sustainable impact over the Dutch borders in other European countries and beyond.”

The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The Fund provides such financing directly to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.

The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian Development Bank (OeEB). The fund’s growing investor base comprises donor agencies, international financial institutions, and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Energy & Water GmbH, Frankfurt am Main acts as the technical advisor.

For more information on the Green for Growth Fund, see and follow us on X @GreenGrowthFund

ASN Bank was founded in 1960. For already 60 years, our mission as a bank has been to foster environmental and social sustainability. Our customer base consists mainly of personal current account holders, savers and investors in the ASN investment funds. We use the money that our customers entrust to us to promote sustainable development. We thus help to create a world that is safe and healthy for people to live in, and where the environment is respected, both in the present and in the future.

Finance in Motion is a global impact asset manager focused exclusively on sustainable development in emerging markets and developing economies. The company structures, manages, and advises impact investment funds that bring together public and private investors to address climate change, strengthen biodiversity conservation, foster the sustainable use of natural resources, improve livelihoods, and promote economic opportunities.

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Media contact GGF
Louise Nielsen
Marketing & Communications
Phone: +352 691 336 439

Media contact ASN Bank
Monique Messelink
Senior communications advisor sustainability
Phone: +31 (0)6 53515781