- In North Macedonia, one of the largest solar power plants in the region is being built on the site of a former coal mine in Oslomej – the project has been identified by the Western Balkans Investment Framework as one of 17 Flagship projects. Impact asset manager Finance in Motion arranged the financing, which is provided by the Green for Growth Fund. Solar projects in the Oslomej complex support a larger effort to clean up the site, diversify energy sources, support decarbonization, and define redeployment and reskilling opportunities in the wider regional labour market to retrain the local workforce.

The investment will make a major contribution to the green energy transition in the country. "After our first investment in the Bogoslovec wind park in North Macedonia, this investment in solar is a sign of continued commitment to expanding renewable energy capacity in the region" said Chris Knowles (GGF Board Chairperson).

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The 50 MW plant should generate almost 100 GWh of electricity in its first year of operation.The project sponsor is Renalfa IPP, an Austrian-based developer and independent power producer, which is a joint venture between Renalfa Solarpro Group GmbH (www.renalfa.com) and the French investment group RGreen Invest. The sponsor was awarded the contract for one of two 50 MW solar power plants tendered in alive auction on 16 April 2021.

The project will significantly reduce the country's dependence on fossil fuels and strengthen its energy security, while using land that is unsuitable for most other uses.

The project is financed through private and public funding which plans to mitigate job loss by retraining and hiring former employees of the thermal power plant. The region has historically been dependent on the coal industry for employment and tax revenues, and the transformation of the site to provide clean energy offer economic diversification and new opportunities for the neighbouring villages and towns.

North Macedonia wants to generate at least 43 percent of its electricity from renewable energy sources by 2040. To date, the country has mainly used fossil fuels - primarily lignite and gas as well as a small amount of hydro power - and is dependent on energy imports that are mostly fossil fuels. OSM-Solar DOOEL is therefore making a direct contribution to energy independence and climate change mitigation.‍

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About the GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency in19 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 forGrowth Fund, see www.ggf.lu and follow uson X @GreenGrowthFund

About Finance inMotion
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: www.finance-in-motion.com
You can also follow us on X @financeinmotion and LinkedIn

About Renalfa IPP

Renalfa IPPis a Vienna based developer and independent power producer established as a JV between Renalfa Solarpro Group GmbH and the French infrastructure fund manager RGreen Invest. The company owns and develops PV, BESS and wind projects with joint capacity of around 2 GW in Bulgaria, Hungary, North Macedonia and Romania, of which more than 455 MW of PV, wind and BESS already operational and more than 550 MW in construction.

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