In 2021, five projects in the areas of solar, clean transport, waste-to-energy and energy products from forestry raised investment amounting to a total of $46 million USD including PFAN’s first financial closure in Moldova.
Despite the Covid-19 pandemic, the PFAN EECA region has nevertheless shown to be a successful, developing region. Since its foundation in 2019, the EECA region has continued to grow in the difficult conditions of the Covid-19 pandemic, military conflicts and revolutionary upheavals. Despite these challenges, PFAN has been gaining outreach and a solid reputation in increasingly more countries in the EECA region.
In 2021, the region reached several notable milestones and achievements, with a total of 45 eligible projects inducted into the pipeline. Although Ukraine still led the way in new pipeline inductions, the share of clean energy projects from other countries in the region increased in comparison to the previous year.
Through the joint efforts of the PFAN EECA network and partners including the Invest In Network at the Energy Week Black Sea 2021, 30 events were held to expand PFAN’s reach in the EECA region and inform entrepreneurs about PFAN’s services.
PFAN expanded into two new countries, Mongolia and Tajikistan, with the addition of new Country Coordinators and a Gender Focal Point for the region. Zula Luvsandorj, Country Coordinator for Mongolia, took on this role and kicked off activities with a workshop for female developers with a focus on clean energy projects.
EECA in 2021
Total investment leveraged (USD)
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
Technology area of new projects in the pipeline
Financial closure success story
Find out more
$30 million USD
Energy products from forestry
''Thanks to PFAN, we met an investor who supported my strategy to develop the business and increase production by 300%''.
Meet our Network in Eastern Europe & Central Asia
PFAN Advisor - Zula Lusvandorj
Zula Luvsandorj is a project finance expert specialising in green energy, with more than 15 years of experience capital raising and project financing in emerging markets of EMEA, CIS and Mongolia.
She is passionate about clean energy and supporting both the public and private sector in financing green projects to achieve the Netzero by 2050 globally.
Zula has been recently appointed as PFAN Gender Focal Point for Eastern Europe and Central Asia, while also serving as a Country Coordinator and Advisor for PFAN in Mongolia.
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.
New Partners in 2021
European-Ukrainian Energy Agency (EUEA), Ukraine
Government and policy makers
The EUEA brings together key energy efficiency and renewable energy sector participants within an independent networking and lobbying organisation that promotes the development of a modern and sustainable economic, political and technological environment in Ukraine.