Key figures

New commitments


billion NOK in 2021*
*Excluding Business Support and PDRMF

Total commitments


billion NOK in portfolio



new / follow-on investments in 2021



total direct/indirect investees in the portfolio

Committed investments per year (MNOK)



in Norfund portfolio companies

Jobs created


new jobs created in portfolio companies

Female employees

34 %

in Norfund portfolio companies

More about job creation

New electricity capacity

1,578 MW

New capacity financed in 2021, 100% renewable

Electricity produced


Equivalent to the combined electricity consumption of  Tanzania, Botswana, and Namibia


9/ 4.5mill tonnes

avoided annually from new renewable capacity since inception/ 2021 portfolio

Investments and results - Clean Energy

New clients

7.5 million

Offered financial services in 2021

Total clients

54 million

Offered financial services in 2021

Increased lending

48.5 BNOK

Increase in total lending volume (+12%)

Investments and results - Financial Institutions

IRR in 2021


in investment currency
3.8% in NOK

IRR since inception


in investment currency
7.4% in NOK

More about IRR and financial results

Commitments per investment area

In 2021 (MNOK)

Total portfolio (MNOK)

Commitments per region

In 2021 (MNOK)

Total portfolio (MNOK)

Portfolio since inception

* Norfund changed the presentation of its accounts in 2019. Figures for 2018 have been adjusted accordingly. Preadjusted figures for 2018 are presented in lighter tints.

Portfolio overview

Norfund Key Performance Indicators

Five key performance indicators (KPIs) are developed as a tool to secure that the portfolio develops according to Norfund's mandate. The KPIs are all measured at the portfolio level, though also monitored year by year (see table below).

The drop in the share of accumulated allocated capital from the government invested in renewable energy, from 54% in 2020 to 40% in 2021, is primarily due to the sale of SN Power. The sale of SN Power also caused a drop in the share of our investments in Asia, and is hence the main reason for the increase in the share in Sub-Saharan Africa, from 54% in 2020 to 65% in 2021.

Gender Equality in Norfund, 2021

Key figures per year

Key figures2015201620172018201920202021
Committed Portfolio (MNOK)15 12716 76220 43922 25324 94428 35226 924
Return on invested capital (IRR) (inv. currency)3.5%2.9%14%4.6%6.3%-0.1%1.5%
New investments (MNOK)2 3952 7843 6003 5114 0154 8395 320
Number of direct investments in portfolio129124136149163170195
Capital allocated by the owner (MNOK)*1 4801 4781 5001 6901 9051 8201 680
KPI: Share of investments in least developed countries29%33%36%41%40%39%40%
KPI: Share of investments in Sub Saharan Africa53%52%50%55%53%53%65%
KPI: Share of greenfield investments18%20%27%32%31%25%22%
KPI: Share of equity and indirect equity85%85%85%81%79%79%75%
KPI: Renewable energy share of allocated capital22%62%145%60%55%54%40%
Number of employees in Norfund696971758296111
Number of jobs in portfolio companies382 000276 000292 000304 000380 000377 000451 000
Taxes paid by portfolio companies (BNOK)8.610.99.313.914.116.916.9