GGF RECEIVES EUR 10 MILLION IN FRESH FUNDING FROM CHURCH OF SWEDEN

GGF RECEIVES EUR 10 MILLION IN FRESH FUNDING FROM CHURCH OF SWEDEN

  • Church of Sweden is new private investor in GGF, raising share of private sources to 12% of total fund capital

  • Church of Sweden investment buttresses leveraging capacity of GGF public-private partnership model

Luxembourg and Uppsala, Sweden, 4 April 2016 – Church of Sweden is investing EUR 10 million in the form of Notes in the Green for Growth Fund, Southeast Europe (GGF). The investment of Church of Sweden represents a strong endorsement of the GGF’s concept to enhance energy efficiency (EE) and foster renewable energy (RE) in developing countries, and thus contribute to protecting the climate for future generations.

Church of Sweden is committed to responsible investments and seeks to identify companies which contribute to sustainable global development as well as generate a satisfactory financial return. The GGF – which is set up as a public-private partnership model – uses public funding as a risk cushion for private investors, such as Church of Sweden, to raise additional private money for the benefit of fostering EE and RE in Southeast Europe.

“Church of Sweden is an ideal match for the GGF. With this investment we can further increase our support to countries in Southeast Europe, including Turkey, and in the European Neighbourhood region in becoming more sustainable in their use of energy," said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe.

“With the investment in the GGF we are clearly enhancing the climate impact profile of our portfolio. In the current interest-rate environment we also financially regard the note structure of the GGF as an attractive alternative to more traditional fixed income investments,” said Anders Thorendal, Chief Investment Officer at Church of Sweden.

Click here to download the press release.

ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE (GGF)
The Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering the use of renewable energy sources in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia, and Turkey as well as in the nearby European Eastern Neighbourhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households seeking to finance energy efficiency projects. The GGF also invests directly in small to medium-scale renewable energy projects. To maximize the impact of the Fund’s investment activities, the GGF’s Technical Assistance Facility offers capacity building support to local financial institutions and partners. The GGF was initiated as a public-private partnership in December 2009 by the KfW Development Bank (KfW) and the European Investment Bank (EIB) with the financial support of the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the European Bank for Reconstruction and Development (EBRD). Its growing base of committed investors comprises donor agencies, international financial institutions and institutional private investors, such as the International Finance Corporation (IFC), the Netherlands Development Finance Company (FMO) and the Development Bank of Austria (OeEB). The GGF, registered under Luxembourg law as a SICAV (variable capital investment company), is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg, in concert with the investment advisor, Finance in Motion GmbH, Frankfurt/Main, Germany supported by its technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany. For more information: www.ggf.lu
* This designation is without prejudice to positions on status, and is in line with UNSC 1244 and the ICJ Opinion on the Kosovo Declaration of independence.

ABOUT CHURCH OF SWEDEN
Church of Sweden is an Evangelical Lutheran church and the largest religious community and membership organization in the country. Nearly 70% of the citizens of Sweden are members.

Media contact GGF
Eric Culp
Phone: +49 (0)69/271 035-307
E-mail: press@ggf.lu

Media contact Church of Sweden
Anders Thorendal
Phone: +46 (0) 18-16 95 88
E-mail: Anders.Thorendal@svenskakyrkan.se




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