• GGF enters 12th market with EUR 2 million senior loan

  • Measures financed with the GGF loan are projected to result in annual primary energy savings of approx. 6,000 MWh and CO2 emission reductions of approx. 2,000 metric tons

Luxembourg and Podgorica, 4 July 2016 – The Green for Growth Fund (GGF) today announced a EUR 2 million senior loan for the microfinance institution Alter Modus in a transaction that further expands and diversifies the fund’s geographic and operational scope with financing for Montenegro’s emerging energy efficiency (EE) market. 

Alter Modus, Montenegro’s largest microfinance institution with a market share of 70%, has recognized the importance of EE financing and the growth potential in this segment. Not only will the investment help Alter Modus become a pioneer in dedicated EE financing in the country, the loan also underscores the GGF’s ability to fund energy reduction measures in new markets. Alter Modus is expected to on-lend the money to its clients for energy and emission reduction measures at residences and businesses. Along with the loan, the GGF is providing Alter Modus with technical assistance to increase the institution’s expertise in EE lending.

GGF Chairman Christopher Knowles said, "Our partnership with Alter Modus represents a further example of our desire to continue the expansion of the fund’s reach. By adding yet another country where we provide financing for measures that reduce energy use and emissions, the GGF has taken another step toward meeting its goals." 

Alter Modus CEO Ana Kentera said: “By signing the agreement with GGF, we are beginning the implementation of the first energy efficiency loan product in Montenegro’s microfinance sector. The project will enhance our capacities to help our clients implement energy efficiency measures at their facilities, improving comfort through thermal isolation of their buildings, replacing windows and doors, and other measures. With all these measures our clients will directly reduce their household/business costs. We believe that this is the only beginning of our cooperation with the GGF because we expect that awareness about the importance of energy efficiency will improve over time in our country.” 

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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 in small to midsize 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 privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg and advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor. For more information see


MFI Alter Modus Ltd. is the largest micro-credit financial institution in Montenegro, specialised in loans to entrepreneurs for investments in growing their businesses as well as to households for home acquisition and/or improvement. Founded with the strategic objective to operate as a leading financial institution specialized in providing a range of financial services tailored to the specific needs of micro and small business entrepreneurs throughout Montenegro. Alter Modus successfully engaged in providing microcredit services for more than 17 years in Montenegro, has its head office located in Podgorica and operates through 15 branches/sub-brunches across the country, serving at the moment over 19,000 clients.

Media contact GGF
Eric Culp
Press Officer
Phone: +49 (0)69/271 035-307

Media contact Alter Modus
Snežana Božović
Phone: +382(67) 621 896

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