Sale of SN Power
The sale of SN Power was published in October 2020. Owing to lack of approval from the Filipino competition authorities, the sale was first formally completed on 29 January 2021. The estimated gain on the sale amounts to approximately NOK 6 000 million, and will be recorded in 2021.
Military coup in Myanmar
As per 31.12.202, Norfund had six ongoing projects in Myanmar with a book value of NOK 535 million. As a consequence of the military coup and the ongoing political destabilisation of the country, the risk of a permanent fall in the value of the investments is increasing considerably. The situation is still very unclear, and it is too early to estimate any long-term consequences. Therefore no general write-down has been made on the investments as a consequence of this event. Norfund is monitoring the situation closely.
There is still great uncertainty associated with the effects of COVID-19. Write-downs were made on a number of investments as a consequence of the long-term effects of the pandemic, and the uncertainty is expected to continue having an impact through 2021.