Although the effects of the Covid-19 pandemic had severe impacts on economies and societies in Eastern Europe and Central Asia, PFAN’s activities in the region in 2020 were very successful.
In the light of the measures taken to condemn the pandemic, PFAN turned to virtual outreach efforts for project origination as well as holding capacity building webinars and conferences such as the Renpower Central Asia 2020 – Post Covid-19 Development Scenarios Online Forum. In addition, PFAN managed to increase its presence in Central Asia through appointing country coordinators for Mongolia and Tajikistan.
The increase of outreach efforts was rewarded with a record high number of project applications and projects supported in the region. While previously the most project proposals were received from Ukraine, 2020 showed a significant increase of project applications from other countries such as Moldova, Kazakhstan, and Uzbekistan. Projects supported by PFAN were able to raise a total of USD21m in 2020.
EECA in 2020
Total investment leveraged (USD millions)
Projects that reached financial closure
Clean energy capacity added (MW)
Locally-based Advisors (%)
Total number of projects supported
New partnerships established
Total number of projects supported by country
Financial closure spotlight
Meet our Network in Eastern Europe & Central Asia
PFAN Advisor - Alexander Kaipetskiy
Alexander Kaipetskiy has over 15 years of consulting experience, including in investment advisory services focusing on feasibility studies, financial modeling, business opportunities evaluation and investment facilitation.
Between 2015 and 2019, he became more engaged in investment facilitation in the agriculture, aquaculture, construction materials and energy sectors, working as in independent financial analyst. As one of PFAN’s entrepreneur-to-advisor success stories, he was first introduced to PFAN in 2015 as a project developer with a biogas station project, and in 2019 he was personally offered the role of PFAN Advisor by EECA Regional Coordinator Rostyslav Maraikin.
Prior ot that, Alexander was the Deputy Head of Foreign Trade Department at the Ukrainian Chamber of Commerce and Industry (UCCI), developing of export strategies and building and maintaining partnerships with foreign stakeholders.
Regional Coordinator - Rostyslav Maraikin
Rostyslav joined PFAN after more than 15 years working in the power sector. He coordinates operations in Eastern Europe and Central Asia – a relatively young market for PFAN and the development of clean energy projects.
This region faces a number of challenges, which highlights the need for PFAN. It lacks professional support for start-ups and has a small private investor pool; banks tend to be the major financiers of renewable energy projects, and they focus specifically on solar and wind projects.
Rostyslav is tasked with growing the network through his team of coaches, sourcing new projects, identifying new opportunities to support climate and clean energy projects and connecting new investors to innovative projects.
Azerbaijan – Nikolay Ilyin
Georgia – Taras Seryy
Kazakhstan – Diyaz Baiseitov
Moldova – Piotr Comarov
Mongolia – Zula Luvsandorf
Tajikistan – Furugzod Usmonov
Uzbekistan – Ildar Yunusov
New Partners in 2020
AIFC Green Finance Centre Ltd, Kazakhstan
The AIFC Green Finance Centre is an AIFC Organisation created to enable the development of green finance in Kazakhstan and Central Asia. The main goal is to bring investments to sustainable economy through trending financial instruments, such as green and social bonds. In addition it is a regional think-tank which provides strategic and business consulting in green finance and sustainable development to Governments, quasi-state organisations and entrepreneurs.