•    Largest sustainability-driven bank in the Netherlands is the newest private investor in GGF supporting climate finance in 19 countries

Luxembourg and The Hague, 14 December 2017 – Netherlands-based ASN Bank has invested USD 25 million debt in the Green for Growth Fund, a strong endorsement of the fund’s mission of advancing energy efficiency and renewable energy, ultimately supporting climate change mitigation. The investment, which brings the fund’s committed capital to EUR 427 million, will finance loans to businesses and households via selected financial institutions in Southeast Europe, the Caucasus and the MENA region.

ASN Bank is the largest sustainable bank in the Netherlands which makes it an ideal partner for the fund. ASN Bank is committed to rigorous environmental and social screening of investments and regularly receives high scores in the Dutch Fair Bank Guide.

The Green for Growth Fund is a public-private partnership which uses public-sector investments as a risk cushion to attract private impact investors. It seeks to enhance energy efficiency and foster renewable energy in the fund’s target regions. Energy efficiency and renewable energy measures enabled through ASN’s investment are projected to achieve annual savings of approximately 17,450 metric tons of CO2 and 67,350 MWh of primary energy.

GGF Chairman Christopher Knowles stated: “We are very pleased to welcome ASN Bank as the newest investor to a like-minded group committed to energy efficiency and renewable energy. ASN Bank’s investment represents a further proof of concept for the Green for Growth Fund’s public-private partnership approach as public funding continues to attract private-sector monies.”

Remko de Bie, Account Manager Project Finance at ASN Bank: “The investment in the Green for Growth Fund provides ASN Bank the opportunity to have a sustainable impact on a global level. In addition to supporting energy efficiency and reducing CO2 emissions in countries outside western Europe it is also another important step for ASN Bank to achieve its goal to have a CO2 neutral balance sheet by 2030.”

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The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions by a minimum of 20% in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects. 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, the German ethical bank GLS, and Church of Sweden. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.

ASN Bank has been investing in sustainable progress ever since its foundation in 1960. Its loans and investments only go towards future-oriented companies, sectors and countries that operate with respect for people, animals and nature. Clients can pay and save at ASN Bank, invest in the ASN Investment Funds and have their assets managed. The bank also provides funding for projects that fit in with its sustainability mission. ASN Bank is part of de Volksbank.

Media contact GGF
Merle Römer
Manager, Marketing & Communications
Tel: +49 (0)69 271 035-171

Media contact ASN Bank

Suzy Bosland
Communications Advisor
Tel: +31 703569388
       +31 623787854

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