29 February 2024

The firm’s Banking and Finance team has advised GGF (an impact fund advised by Finance in Motion, a world-leading impact asset manager with specialist experience in generating positive change in emerging markets around the world) on its recent financing to UniCredit Bank Serbia.

Burges Salmon has advised the Green for Growth Fund on a €50 million financing for UniCredit Bank Serbia. The facility is to be used to enable UniCredit Bank Serbia to make large-scale loans to renewable energy projects in Serbia, particularly focusing on solar and wind projects. The financing aligns with the Serbian government’s renewable energy strategy, as outlined under the National Energy and Climate Plan, and demonstrates GGF’s continued support for initiatives aimed at improving energy efficiency and renewable energy in southeast Europe, the Middle East and North Africa. The Burges Salmon team was led by Rachael Ruane and Luke Addison, supported by Thomas Papke.

Rachael comments: “We are delighted to have worked with the Green for Growth Fund on this latest financing which we hope will catalyse investment in renewables in Serbia, a country which has been historically dependent on coal.”

Finance in Motion is an impact asset manager, overseeing impact funds which invest public and private capital in emerging markets in order to combat climate change, conserve biodiversity, advance renewable energy, foster entrepreneurship and expand financial inclusion. Burges Salmon has supported Finance in Motion on more than 10 transactions in the last 8 months, advising on a series of social impact and sustainability focused facilities to financial institutions in Montenegro, Kosovo, North Macedonia, Bosnia, Kenya and Tanzania (among others). These transactions include loans intended to finance female-led businesses, renewable energy projects, and agricultural development in southeast Europe and Africa. The Burges Salmon teams advising on these instructions have included Rachael Ruane, Richard Leeming, Luke Addison, Thomas Papke and Amelia Turner.

Key contact

Racheal Ruane

Rachael Ruane Partner

  • Corporate Banking
  • Real Estate Finance
  • Asset Finance and Asset Backed Lending

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