May 5, 2026
by in News

Renalfa Advances Oslomej Solar Project with 50 MW Battery Storage Installation

Austria-based developer and independent power producer Renalfa IPP has commenced the installation of a battery energy storage system (BESS) at its solar power plant in Oslomej, North Macedonia. The system will have an operating power of 50 MW and a storage capacity of 200 MWh, marking a significant step in enhancing grid flexibility and renewable integration.

The co-located BESS is being deployed alongside the 65.8 MW Oslomej solar power plant, which is situated on the site of a former coal mine. The project reflects ongoing efforts to repurpose legacy fossil fuel infrastructure into clean energy assets. The solar facility was developed through a public-private partnership with state-owned utility Elektrani na Severna Makedonija (ESM).

Financing for the solar plant was provided by the Green for Growth Fund, which has also committed €24 million to support the deployment of the battery storage system. The combined investment forms part of a broader initiative to transition North Macedonia’s coal-based energy complex toward sustainable generation.

In 2025, Renalfa secured a €315 million loan facility from a consortium led by the European Bank for Reconstruction and Development. The financing underpins the company’s €1.2 billion regional investment program, which targets the development of approximately 1.6 GW of renewable generation capacity and 3.3 GWh of co-located battery storage across Bulgaria, Hungary, Romania, and North Macedonia.

These assets are expected to produce around 2.3 TWh of green electricity annually—sufficient to meet the energy needs of approximately 920,000 households—while supporting grid stability through integrated storage solutions.

Beyond North Macedonia, Renalfa is also advancing a major hybrid renewable project in Hungary. The company is developing a 450 MW solar power plant in Szihalom, complemented by a BESS with an operating power of 250 MW and a capacity of 1 GWh. The battery system is being supplied by HiTHIUM.

According to Renalfa, the Szihalom project represents the largest hybrid renewable energy development undertaken in Hungary to date and ranks among the most significant such projects in Europe.

December 3, 2025
by in News

GGF’s new partnership powering sustainability of SMEs in Turkey

The Green for Growth Fund (GGF) has partnered with ING Leasing Türkiye, a subsidiary of ING Türkiye, through a EUR 20 million financing agreement to help small and medium-sized enterprises (SMEs) invest in cleaner, smarter, and more efficient technologies, from energy-efficient equipment and machinery upgrades to self-consumption photovoltaic systems and other low-carbon solutions.

GGF’s first collaboration with ING Leasing Türkiye is marking the start of a new strategic relationship. In addition, it is ING Leasing’s first direct access to international development financing supported by funding from international financial institutions and development finance institutions through the Green for Growth Fund, the update adds.

The deal is expected to deliver around 21,000 MWh of primary energy savings and avoid approximately 5,800 tonnes of CO₂ emissions each year, according to GGF.

The signing was attended by Onur Gul, General Manager of ING Leasing Türkiye, and Pınar Cumalı, Treasury and Financial Institutions Manager at ING Leasing Türkiye, alongside, representing GGF through its advisor Finance in Motion, the company’s Regional Director Burcu Karpuz and Investment Associate Mehmet Sena Bakar.

Luxembourg-based GGF has become one of the largest green blended-finance funds. It ended last year with EUR 1.09 billion in assets under management and an outstanding investment portfolio of EUR 1.03 billion.

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December 2, 2025
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GGF ushers in new wave of energy transition investments in Western Balkans with eight deals

The Green for Growth Fund has signed a series of agreements on green lending and support for major solar power and energy storage projects throughout the Western Balkans. The new commitments, backed by an investment from KfW, will lift its green financing portfolio in the region by up to EUR 176 million.

At the EU–Western Balkans Investment Forum in Tirana, held in October, GGF announced the European Union’s EUR 20 million investment in its class C shares, via Germany’s KfW Development Bank. It was accompanied by a EUR 4 million donation to the climate action fund’s capacity building and advisory facility, its advisor Finance in Motion said.

The proceeds are set to mobilize more private capital for renewable energy, energy efficiency and climate resilience across the region, the update revealed.

The Green for Growth fund signed a series of agreements at the forum for green lending, and for financing solar power and battery projects in North Macedonia, Kosovo* and Albania.

Von der Leyen: The time to invest in the Western Balkans is now

The event was attended by European Commission President Ursula von der Leyen and Albanian Prime Minister Edi Rama.

“Your economies are already set to grow rapidly in the coming years. We established the Western Balkans Growth Plan for exactly that. The EU opens sectors of its economy for your business. Together, we work on reforms for a level playing field. And alongside reforms comes investment. The Western Balkans Growth Plan aims at doubling regional GDP in the next decade. So my message to investors today is straightforward: Do not let this opportunity pass by. The time to invest in the Western Balkans is now,” Von der Leyen said.

The commitments signed within a special segment of the Tirana conference are boosting the fund’s cumulative investments into the region to more than EUR 850 million. Earlier it provided over EUR 675 million overall in green finance in the Western Balkans in support of climate action, energy security and sustainable industry.

The new commitments are expected to avoid emissions of some 175,000 tons of CO2. It is equivalent to 400,000 barrels of oil not being burnt.

Trailblazing investments ahead in photovoltaics, BESS

The Green for Growth Fund intends to provide funding for one of the first grid-scale battery projects in North Macedonia and the Western Balkans.

Renalfa IPP is about to expand its 50 MW photovoltaic plant in Oslomej, on the site of a former coal mine, with a 200 MWh battery energy storage system (BESS). GGF has already provided debt financing for the solar installation, and the two sides signed a mandate letter for EUR 24 million for the BESS investment. It is one of the investments for the transformation of the REK Oslomej coal mine and power plant complex.

Renalfa IPP’s pioneering PV plant Oslomej on coal land will get a battery facility

GGF also signed a term sheet for Quant Renewables’ solar power project in Kosovo* for 142.2 MW in peak capacity. It comprises PV plants Tucep (98.5 MW) and Veriq (43.7 MW) on land previously designated for lignite mining.

The Green for Growth Fund would support it with up to EUR 12 million in preferred equity, complementing senior debt financing led by the European Bank for Reconstruction and Development (EBRD). Set to become Kosovo’s* biggest solar park, its estimated annual output would match the electricity needs of 63,000 households.

The facility would save an estimated 168,138 tons of carbon dioxide equivalent per year (22,529 tons prorated to GGF’s investment).

The third renewables project is HD Solar Park in Albania. Through a letter of intent, GGF expressed its goal to provide up to EUR 30 million in senior debt financing. Bindi, the developer, has envisaged 60 MW of peak capacity and a co-located 120 MWh battery system. It would be one of the first large-scale solar-plus-storage initiatives in the country.

Five new deals with financial institutions for as much as EUR 110 million in total

The partner financial institutions that signed agreements with the Green for Growth Fund will channel the financing to their clients for investments in renewables, sustainable mobility, and energy and resource efficiency in buildings and industrial production.

There are five new deals for as much as EUR 110 million in credit lines and subordinated loans.

Two credit lines for partners in Kosovo*

The KRK microfinance institution in Kosovo* aims to utilize a new credit line, of EUR 5 million, for efficiency refurbishments and retrofits of the residential sector as well as small-scale renewable energy. It would be its sixth investment with the Green for Growth Fund since establishing the partnership in 2017.

BpB, the first bank in Kosovo* founded with fully local capital, finances households and small and medium-sized enterprises. Building on a previous partnership, it will channel GGF’s senior credit line of EUR 5 million into energy efficiency and renewable energy.

It will particularly benefit SMEs, including clients in the agricultural sector seeking to upgrade energy systems or invest in low-carbon vehicles, efficient equipment and modern irrigation systems, the fund added.

EUR 95 million in total for Serbian lenders

The Green for Growth Fund signed a loan agreement with UniCredit Bank Serbia for a EUR 50 million senior credit line. The focus is on commercial-scale solar and wind power, helping decarbonize Serbia’s coal-dependent electricity system.

GGF expects it to become one of the fund’s most impactful investments, by avoiding 84,550 tons of emissions in CO2 equivalent terms – equivalent to taking 44,500 cars off the road. The fund has invested EUR 115 million in UniCredit Bank Serbia to decarbonize the country’s electricity system.

Another Serbian lender in the group is AikBank, eligible for a EUR 45 million subordinated loan. The deal is for financing renewables and energy efficiency projects of corporate clients.

The bank will additionally benefit from GGF’s technical assistance for technical due diligence and environmental and social assessments, for the implementation of green energy projects in line with the best practices, the partners stressed.

ProCredit Bank in BiH is eyeing solar power projects

ProCredit Bank in Bosnia and Herzegovina is getting a subordinated loan of up to EUR 5 million, following two such facilities in 2022 and last year. The Green for Growth Fund’s investment is for maintaining the partner’s capital position and supporting the expansion of its green portfolio. The bank especially sees opportunities in solar power, where there is significant potential for BiH to catch up with regional leaders.

“We thank our investors for their continued confidence. This kind of catalytic capital drives tangible impact in Southeast Europe and shows how aligning investment with ambitious climate goals accelerates the green transition,” Finance in Motion said.

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* This designation is without prejudice to positions onstatus and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence.
July 15, 2025
by in News

Impact Report 2024: GGF grows direct lending, committed to energy transition, energy security

In its Impact Report 2024, the Green for Growth Fund outlined how it powers the green transition across Southeast Europe, the Caucasus and beyond – from repurposing coal sites and decarbonizing industries to strengthening energy security and building climate resilience. It ended last year with EUR 1.09 billion in assets under management and an outstanding investment portfolio of EUR 1.03 billion.

Luxembourg-based GGF has become one of the largest green blended-finance funds. It marked its 15th anniversary in 2024 by passing the EUR 1 billion mark in its portfolio.

“To date, we have delivered over EUR 2 billion in green finance through 70+ active financial institutions, companies, and infrastructure projects. This is impact on a systematic level and reflects the dedication of our partners, teams, and investors. We delivered many landmark projects as we continue to grow our direct lending,” the fund said in its 2024 Impact Report: Breaking the billion for lasting green impact.

GGF highlighted its role in transforming legacy energy systems into clean energy sites in North Macedonia. “We are also investing in corporate decarbonization across resource-intensive sectors in Turkey, including the country’s second-largest retail chain. Working with our financial institution partners, Ukraine’s energy security – and the security of the wider region – remains our focus,” the update reads.

Driving the energy transition and strengthening energy security is an urgent task, the fund said and stressed that its commitment remains strong. It ended 2024 with EUR 1.09 billion in assets under management and an outstanding investment portfolio of EUR 1.03 billion.

Energy-intensive sectors in region can decarbonize

The cumulative volume invested in partner lending institutions has reached EUR 2 billion. GGF is active in 18 countries.

“Passing the EUR 1 billion mark brings greater responsibility. We must continue to show the world that energy-intensive sectors in the region can decarbonize and renewables can lead to energy stability and security,” Chairperson of the Board of Directors Simon Gupta stated.

Headline figures include 1.4 million tons of carbon dioxide emission savings per year, which is the equivalent of taking 949,000 cars off the road. GGF supported 1.76 GW of renewable energy capacity through 2024, which is a whopping 36.4% more than one year before. Its activity resulted in 2.16 million cubic meters of water saved or treated per annum, which translates to 865 swimming pools.

GGF strategically manages impact through supporting measures that mitigate climate change and promote sustainable economic growth in Southeast Europe including Turkey, the European Eastern Neighborhood Region, and the Middle East and North Africa.

From coal pit to solar plant

Recognizing the need for energy independence, the Western Balkans are prioritizing projects that support the green energy transition, GGF pointed out.

“But financing is essential to help countries shift to domestic and clean renewable power. We arranged EUR 25.7 million in project financing for a 50 MW solar power generation project on the site of the former Oslomej coal mine in Kičevo, North Macedonia,” it added.

GGF arranged a EUR 25.7 million package for a PV plant on former coal mining land in the REK Oslomej complex in North Macedonia

The region’s reliance on legacy coal-fired power plants has resulted in outages, shortfalls, closures and volatile energy costs, GGF warned. “Governments recognize this and are increasingly prioritizing sustainable power projects aimed at reducing fossil fuel imports, lowering costs and stabilizing energy supply. To fulfill this ambitious agenda, they need support,” the fund stressed.

Oslomej is GGF’s second project finance transaction in North Macedonia, following its investment as a minority shareholder in the 36 MW Bogoslovec wind farm in 2021.

“Our investment in the Oslomej solar project underscores our commitment to North Macedonia’s green energy transition. By reducing reliance on fossil fuels and enhancing energy security, this project aligns with our mission to mitigate climate change and promote sustainable energy solutions,” said Fund Director for GGF at Finance in Motion Borislav Kostadinov.

Of note, he was one of the keynote speakers at this year’s edition of Belgrade Energy Forum (BEF 2025), organized by Balkan Green Energy News. Finance in Motion is GGF’s advisor.

Future-proofing Turkish businesses

The fund provided USD 26 million to Sanko Tekstil, one of the largest yarn producers in Turkey. It financed the full cost of a 20 MW rooftop photovoltaic system and partially covered the construction of a fiber recycling facility in Gaziantep.

Meanwhile, a USD 18 million investment into A101, the country’s second-largest retail chain, is decarbonizing store operations across 81 cities via a large-scale solar installation. It supported a 30 MW solar power project, expected to meet 10% of the company’s electricity needs.

Embedding sustainability

GGF complements its financing with advisory and capacity-building services, and risk-management support. It includes environmental and social due diligence, as well as monitoring, to keep projects aligned with international best practices.

The advisory and capacity-building activities in 2024 focused on embedding sustainability and advancing green finance across partner institutions.

A key highlight was the completion of four Deep Greening Mainstreaming projects, which supported financial institutions in developing strategies in the environmental, social, and governance (ESG) sector, green products, and internal sustainability structures.

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July 15, 2025
by in News

GGF grows direct lending, committed to energy transition, energy security

In its Impact Report 2024, Green for Growth Fund outlined how it powers the green transition across Southeast Europe, the Caucasus and beyond – from repurposing coal sites and decarbonizing industries to strengthening energy security and building climate resilience. It ended last year with EUR 1.09 billion in assets under management and an outstanding investment portfolio of EUR 1.03 billion.

Luxembourg-based GGF has become one of the largest green blended-finance funds. It marked its 15th anniversary in 2024 by passing the EUR 1 billion mark in its portfolio.

“To date, we have delivered over EUR 2 billion in green finance through 70+ active financial institutions, companies, and infrastructure projects. This is impact on a systematic level and reflects the dedication of our partners, teams, and investors. We delivered many landmark projects as we continue to grow our direct lending,” the fund said in its 2024 Impact Report: Breaking the billion for lasting green impact.

GGF highlighted its role in transforming legacy energy systems into clean energy sites in North Macedonia. “We are also investing in corporate decarbonization across resource-intensive sectors in Turkey, including the country’s second-largest retail chain. Working with our financial institution partners, Ukraine’s energy security – and the security of the wider region – remains our focus,” the update reads.

Driving the energy transition and strengthening energy security is an urgent task, the fund said and stressed that its commitment remains strong. It ended 2024 with EUR 1.09 billion in assets under management and an outstanding investment portfolio of EUR 1.03 billion.

Energy-intensive sectors in region can decarbonize

The cumulative volume invested in partner lending institutions has reached EUR 2 billion. GGF is active in 18 countries.

“Passing the EUR 1 billion mark brings greater responsibility. We must continue to show the world that energy-intensive sectors in the region can decarbonize and renewables can lead to energy stability and security,” Chairperson of the Board of Directors Simon Gupta stated.

Headline figures include 1.4 million tons of carbon dioxide emission savings per year, which is the equivalent of taking 949,000 cars off the road. GGF supported 1.76 GW of renewable energy capacity through 2024, which is a whopping 36.4% more than one year before. Its activity resulted in 2.16 million cubic meters of water saved or treated per annum, which translates to 865 swimming pools.

GGF strategically manages impact through supporting measures that mitigate climate change and promote sustainable economic growth in Southeast Europe including Turkey, the European Eastern Neighborhood Region, and the Middle East and North Africa.

From coal pit to solar plant

Recognizing the need for energy independence, the Western Balkans are prioritizing projects that support the green energy transition, GGF pointed out.

“But financing is essential to help countries shift to domestic and clean renewable power. We arranged EUR 25.7 million in project financing for a 50 MW solar power generation project on the site of the former Oslomej coal mine in Kičevo, North Macedonia,” it added.

GGF arranged a EUR 25.7 million package for a PV plant on former coal mining land in the REK Oslomej complex in North Macedonia

The region’s reliance on legacy coal-fired power plants has resulted in outages, shortfalls, closures and volatile energy costs, GGF warned. “Governments recognize this and are increasingly prioritizing sustainable power projects aimed at reducing fossil fuel imports, lowering costs and stabilizing energy supply. To fulfill this ambitious agenda, they need support,” the fund stressed.

Oslomej is GGF’s second project finance transaction in North Macedonia, following its investment as a minority shareholder in the 36 MW Bogoslovec wind farm in 2021.

“Our investment in the Oslomej solar project underscores our commitment to North Macedonia’s green energy transition. By reducing reliance on fossil fuels and enhancing energy security, this project aligns with our mission to mitigate climate change and promote sustainable energy solutions,” said Fund Director for GGF at Finance in Motion Borislav Kostadinov.

Of note, he was one of the keynote speakers at this year’s edition of Belgrade Energy Forum (BEF 2025), organized by Balkan Green Energy News. Finance in Motion is GGF’s advisor.

Future-proofing Turkish businesses

The fund provided USD 26 million to Sanko Tekstil, one of the largest yarn producers in Turkey. It financed the full cost of a 20 MW rooftop photovoltaic system and partially covered the construction of a fiber recycling facility in Gaziantep.

Meanwhile, a USD 18 million investment into A101, the country’s second-largest retail chain, is decarbonizing store operations across 81 cities via a large-scale solar installation. It supported a 30 MW solar power project, expected to meet 10% of the company’s electricity needs.

Embedding sustainability

GGF complements its financing with advisory and capacity-building services, and risk-management support. It includes environmental and social due diligence, as well as monitoring, to keep projects aligned with international best practices.

The advisory and capacity-building activities in 2024 focused on embedding sustainability and advancing green finance across partner institutions.

A key highlight was the completion of four Deep Greening Mainstreaming projects, which supported financial institutions in developing strategies in the environmental, social, and governance (ESG) sector, green products, and internal sustainability structures.

Post Views:54
June 2, 2025
by in News

Green for Growth Fund launches partnership with Swedish International Development Cooperation Agency

An agreement between the Green for Growth Fund (GGF) and Swedish International Development Cooperation Agency (Sida) enabled the expansion of green lending in the Western Balkans and the European Union’s Eastern Neighborhood. With the new unfunded guarantee of EUR 60 million, GGF can provide EUR 120 million in loans through financial intermediaries and directly to companies.

The Green for Growth Fund established a new partnership, with the Swedish International Development Cooperation Agency. It facilitates GGF’s first risk-sharing, unfunded guarantee. The Luxembourg-based fund and Sweden’s development cooperation agency said they both support real economies and acceleration of the green transition in the Western Balkans and the countries of the EU’s Eastern Neighborhood.

The signed unfunded guarantee amounts to EUR 60 million. It enables GGF to provide EUR 120 million in loans to private businesses and households through financial intermediaries and directly to companies. The package is for urgently needed investments in the decarbonization of the economy – expanding renewable energy generation and improving energy efficiency.

With unfunded portfolio risk-sharing facilities, international financing institutions or similar lenders and agencies accept a share of risk in an investment instead of committing capital.

New funding approach is major milestone for Green for Growth Fund

The Green for Growth Fund promotes energy efficiency and renewable energy in Southeast Europe, the Caucasus, Middle East and North Africa. By providing refinancing to local financial institutions, it helps businesses and households access sustainable energy solutions, fostering energy efficiency and reducing carbon emissions.

GGF was initiated as a public-private partnership by the European Investment Bank and Germany’s KfW Development Bank, with financial support from the European Union, the German Federal Ministry for Economic Cooperation and Development (BMZ) and other international investors. Finance in Motion serves as GGF’s advisor.

“We are excited to welcome Sida as a new guarantee partner to the Green for Growth Fund. This innovative funding approach, being the first of its kind for us, represents a major milestone. We are grateful to Finance in Motion for their exceptional work in structuring this deal. This partnership not only strengthens our capacity to support green initiatives but also enhances our ability to prepare financial institutions and businesses for future opportunities in the EU market,” GGF’s Board Chairperson Simon Gupta stated.

Bridging investment gap in high-risk markets

The Swedish International Development Cooperation’s Agency’s Assistant Director General Kjell Forsberg, responsible for trade, private sector and financial instruments, said the partnership is aimed at supporting countries highly prioritized by Sweden. The guarantee collaboration between the agency and the Green for Growth Fund bridges the investment gap in high-risk markets while complementing other Swedish official development assistance (ODA) contributions as well as the European Union’s programs.

“We are grateful to Sida for their partnership and support. This collaboration is crucial for the Green for Growth Fund, enhancing our efforts in promoting energy efficiency and renewable energy projects,” said Borislav Kostadinov, Fund Director of GGF at Finance in Motion.

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May 21, 2025
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GGF’s Kostadinov: Western Balkans responded to energy crisis with innovation, ambition (video)

The past three to four years have been nothing short of transformational when it comes to the energy transition in the Western Balkans, said Borislav Kostadinov, Finance in Motion’s Fund Director for the Green for Growth Fund, in a keynote address at Belgrade Energy Forum. The region has responded to the energy crisis with innovation, ambition and resilience, he pointed out. The challenge in the energy transition is understood and so is the solution, Kostadinov stressed.

Borislav Kostadinov, a Fund Director at Finance in Motion, gave a keynote speech at Belgrade Energy Forum (BEF 2025). He leads the Green for Growth Fund, or GGF, the company’s flagship green finance fund.

Finance in Motion is an impact asset manager based in Frankfurt with over 20 years of experience and more than EUR 4 billion in assets under management (AUM). It specializes in blended finance vehicles that deliver positive social and environmental impact. GGF has delivered over EUR 500 million in green finance to almost 50,000 beneficiaries in the Balkans. As of the end of last year, it was above EUR 1 billion in size.

Renewables have become mainstream investments

The breadth and flexibility of the fund’s model allow it to support a wide spectrum of the energy transition, which has enabled it to expand to over 19 markets along the European Union’s borders, Kostadinov explained.

The past three to four years have been nothing short of transformational when it comes to the energy transition in the Western Balkans, he underscored.

“I would not be the first to say that we are at a key juncture in the energy transition. At this stage, the challenge is understood and so is the solution. Renewables have become mainstream investments, championed by the public and private sectors, and are the foundation of a future that is not only sustainable but cost-efficient, competitive, and secure. The question now becomes how quickly and how completely we can deliver on this vision over the next five, fifteen and 25 years,” Kostadinov stated. In terms of energy systems and climate change, it is not much time, he pointed out.

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Western Balkans are broad-based renewables growth story

For several years now, there has been a broad-based renewables growth story across the region: from utility-scale project finance transactions, to large installations for captive use by industry and manufacturing, to photovoltaics on the roofs of households, Kostadinov recalled.

“What is driving this shift? Certainly, the energy crisis jolted all of Europe, and the Western Balkans have responded with innovation, ambition, and resilience. In a short time, we have improved policy, strengthened regulatory frameworks and prioritized the sector with clearer strategies and market mechanisms,” he said.

GGF’s director praised the countries in the region for embracing transparent, competitive auctions as a foundation for market-based deployment of renewables.

Kostadinov particularly highlighted Serbia for leading the way. “Its recent auctions for wind and solar have been consistent, well-communicated, credible and investor friendly, drawing broad investor participation. Most importantly, they’ve been successful, and we are proud to have contributed to this achievement alongside our longstanding partner UniCredit Bank, through its investment in the landmark Čibuk 2 wind farm,” he told the audience at BEF 2025.

Corporate PPAs, guarantees of origin deepen markets while also expanding them

The public sector must continue strengthening markets and frameworks and develop and roll out mechanisms such as corporate power purchase agreements (PPAs) and guarantees of origin, which deepen and expand markets, Kostadinov said.

“We need more purely private projects, such as the GGF-backed 50 MW Project Blue solar plant in Albania. As the largest non-subsidized solar project in the Western Balkans, and developed without a long-term PPA from the utility, it is the type of investment that we hope to increasingly catalyse in the region,” he asserted.

The three principles for the next five years are speed, integration, and resilience, Kostadinov says

In Kostadinov’s view, the three principles for the next five years are speed, integration, and resilience.

“We must continue to improve the speed, transparency and bureaucratic process when it comes to permitting, approving and bringing projects online. This is true in the EU, and it is true in the Western Balkans, in particular for construction permitting and grid connections,” he said.

The necessary investments in the integration of energy markets in the EU and the region will create scale, meaning larger markets, deeper spot markets, and more varied offtake, Kostadinov added. His message to energy producers in the Balkans is that they would be able to diversify and address a larger market by supplying Europe’s industrial base.

The recent blackout in Spain is a cautionary tale, but the story is not a failure of renewables but rather a failure of grid resilience, Kostadinov said.

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