The Green for Growth Fund (GGF) has 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.