Green for Growth Fund, Southeast (FMO-52930)

Regions
  • Europe and Central Asia
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 15, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Green for Growth Fund
The holder of the loan, grant, or other investment.
Sectors
  • Climate and Environment
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • Climate
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 16, 2021


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Project Description

According to FMO's website, this project provides financing to the Green for Growth Fund for funding activities to achieve a 20% reduction in energy or resource consumption and / or a 20% reduction in CO2 emissions. 

Investment Description
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description

"Green for Growth Fund ("GGF") is a structured debt fund with EUR 578 million committed capital, managed by Finance in Motion ("FiM"). It is the first specialized fund to advance energy effiency (EE), renewable energy (RE) and resource efficiency (REff) in Southeast Europe (incl. Turkey), the European Neighborhood Region-East, and the Middle East and North Africa (MENA). GGF is an innovative public-private partnership established to reduce energy consumption and CO2 emissions. GGF provides refinancing to financial institutions to enhance their participation in the EE and RE sectors and also makes direct investments in non-financial institutions with projects in these areas. The activities of GGF are supported by a technical assistance facility."

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
BPE Holding Parent Company Energy owns Nubian Suns Solar PV Program - Phoenix Solar (50MW) Client Energy
DEG Parent Company Energy owns Dolovo Cibuk (Tesla) Wind Farm (158MW) Client Energy
Desert Technologies Parent Company Energy owns Nubian Suns Solar PV Program - Arc Solar (50 MW) Client Energy
Egypt Opportunity Capital Parent Company Energy owns Nubian Suns Solar PV Program - Phoenix Solar (50MW) Client Energy
Elicio NV Parent Company Energy owns Alibunar Wind Project (42MW) Client Energy
Elicio NV Parent Company Energy owns Electrawinds-s doo Beograd Client Energy
Energia Parent Company Energy owns Nubian Suns Solar PV Program - Arc Solar (50 MW) Client Energy
Enerray Parent Company Energy owns Nubian Suns Solar PV Program - Arc Solar (50 MW) Client Energy
Enerray Global Solar Opportunities Parent Company Energy owns Nubian Suns Solar PV Program - Arc Solar (50 MW) Client Energy
Green for Growth Fund Investor Finance invests in Acquisition of 31.4% in Dariali Hydropower Plant (108MW) Client Energy
Green for Growth Fund Investor Finance invests in Alibunar Wind Project (42MW) Client Energy
Green for Growth Fund Investor Finance invests in Boguslav Solar Power Project (45MW) Client Energy
Green for Growth Fund Investor Finance invests in BPE Holding Parent Company Energy
Green for Growth Fund Investor Finance invests in DEG Parent Company Energy
Green for Growth Fund Investor Finance invests in Desert Technologies Parent Company Energy
Green for Growth Fund Investor Finance invests in Dolovo Cibuk (Tesla) Wind Farm (158MW) Client Energy
Green for Growth Fund Investor Finance invests in Egypt Opportunity Capital Parent Company Energy
Green for Growth Fund Investor Finance invests in Electrawinds-s doo Beograd Client Energy
Green for Growth Fund Investor Finance invests in Elicio NV Parent Company Energy
Green for Growth Fund Investor Finance invests in Energia Parent Company Energy
Green for Growth Fund Investor Finance invests in Enerray Parent Company Energy
Green for Growth Fund Investor Finance invests in Enerray Global Solar Opportunities Parent Company Energy
Green for Growth Fund Investor Finance invests in ib Vogt Parent Company Energy
Green for Growth Fund Investor Finance invests in Infinity Solar Energy Parent Company Energy
Green for Growth Fund Investor Finance invests in Masdar Parent Company Energy
Green for Growth Fund Investor Finance invests in NBT AS Parent Company Energy
Green for Growth Fund Investor Finance invests in Nubian Suns Solar PV Program - Arc Solar (50 MW) Client Energy
Green for Growth Fund Investor Finance invests in Nubian Suns Solar PV Program - Phoenix Solar (50MW) Client Energy
Green for Growth Fund Investor Finance invests in Phoenix Power Ventures Parent Company Energy
Green for Growth Fund Investor Finance invests in Phoenix Solar AG Parent Company Energy
Green for Growth Fund Investor Finance invests in Phoenix Solar Power Plant Client Energy
Green for Growth Fund Investor Finance invests in Scatec Solar ASA Parent Company Energy
Green for Growth Fund Investor Finance invests in SECI Parent Company Energy
Green for Growth Fund Investor Finance invests in SECI Holdings Inc Parent Company Energy
Green for Growth Fund Investor Finance invests in Seci Solar Power Plant Client Energy
Green for Growth Fund Investor Finance invests in Syvashenergoprom LLC Client Energy
Green for Growth Fund Investor Finance invests in Taaleri Parent Company Energy
Green for Growth Fund Investor Finance invests in Tokyo Electric Power Company (TEPCO) Parent Company Energy
Green for Growth Fund Investor Finance invests in Total (Total Eren) Parent Company Energy
ib Vogt Parent Company Energy owns Nubian Suns Solar PV Program - Phoenix Solar (50MW) Client Energy
Infinity Solar Energy Parent Company Energy owns Nubian Suns Solar PV Program - Phoenix Solar (50MW) Client Energy
Masdar Parent Company Energy owns Dolovo Cibuk (Tesla) Wind Farm (158MW) Client Energy
NBT AS Parent Company Energy owns Syvashenergoprom LLC Client Energy
Phoenix Power Ventures Parent Company Energy owns Nubian Suns Solar PV Program - Phoenix Solar (50MW) Client Energy
Phoenix Solar AG Parent Company Energy owns Phoenix Solar Power Plant Client Energy
Scatec Solar ASA Parent Company Energy owns Boguslav Solar Power Project (45MW) Client Energy
SECI Parent Company Energy owns Nubian Suns Solar PV Program - Arc Solar (50 MW) Client Energy
SECI Holdings Inc Parent Company Energy owns Seci Solar Power Plant Client Energy
Taaleri Parent Company Energy owns Dolovo Cibuk (Tesla) Wind Farm (158MW) Client Energy
Taaleri Parent Company Energy owns Syvashenergoprom LLC Client Energy
Tokyo Electric Power Company (TEPCO) Parent Company Energy owns Acquisition of 31.4% in Dariali Hydropower Plant (108MW) Client Energy
Total (Total Eren) Parent Company Energy owns Syvashenergoprom LLC Client Energy

Contact Information

No contact information available at time of writing.

ACCESS TO INFORMATION
As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism