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Luxembourg, 7 March 2024 – The impact asset manager Finance in Motion has won the Market Pioneer Award Europe from IJGlobal. The award was presented for the Blue 1 project, the first fully privately financed solar park in Albania. 

The IJGlobal Awards are the most important awards for investments in the energy and infrastructure sector and are presented annually in London, New York, Singapore and Dubai. They are judged by independent industry experts from and for the respective regions.

The financing of the Blue 1 solar project was finalised by the Green for Growth Fund (GGF), which is advised by Finance in Motion. “This was achieved in the midst of the energy crisis, after the Covid shock, during the war in Ukraine and the associated disruption to supply chains,” says Christopher Knowles, GGF Chairman. Renewable energy projects also had to contend with rising prices and interest rates. The volume of completed financing for renewable energy projects in the Balkans has been declining for several years, and it is precisely in this region that a massive investment backlog in energy generation is evident. “GGF’s investment in Albania’s solar sector highlights our drive for renewable energy adoption, reducing fossil fuel use and fighting climate change, aiming to showcase green energy’s potential and inspire further investments”, states Knowles.

Although the project was almost ready for construction, it lacked many of the elements that are considered standard in project financing. The financing required the use of equity in advance for the purchase of equipment. It is structured as a long-term loan with minimal amortisation so that the project can handle a variable income stream and provides a great motivation for signing individual power purchase agreements. 

"The jury was impressed by our development of a financing strategy that ventured into entirely new territory including a bridge-to-PPA structure and succeeded without any government support," states Borislav Kostadinov Fund Director for the Green for Growth Fund’s mandate at Finance in Motion, GGF's advisor. "We deeply appreciate the global recognition."

Read more about the transaction

About Finance in Motion
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.

For more information, please visit us at:
You can also follow us on X @financeinmotion and LinkedIn

About the GGF
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

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