New commitments
billion NOK in 2021*
*Excluding Business Support and PDRMF
Total commitments
billion NOK in portfolio
Investments
new / follow-on investments in 2021
Companies
total direct/indirect investees in the portfolio
Committed investments per year (MNOK)
Jobs
in Norfund portfolio companies
Jobs created
new jobs created in portfolio companies
Female employees
in Norfund portfolio companies
New electricity capacity
New capacity financed in 2021, 100% renewable
Electricity produced
Equivalent to the combined electricity consumption of  Tanzania, Botswana, and Namibia
CO2
avoided annually from new renewable capacity since inception/ 2021 portfolio
Investments and results - Clean Energy
New clients
Offered financial services in 2021
Total clients
Offered financial services in 2021
Increased lending
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 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 figures | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|---|
| Committed Portfolio (MNOK) | 15 127 | 16 762 | 20 439 | 22 253 | 24 944 | 28 352 | 26 924 |
| Return on invested capital (IRR) (inv. currency) | 3.5% | 2.9% | 14% | 4.6% | 6.3% | -0.1% | 1.5% |
| New investments (MNOK) | 2 395 | 2 784 | 3 600 | 3 511 | 4 015 | 4 839 | 5 320 |
| Number of direct investments in portfolio | 129 | 124 | 136 | 149 | 163 | 170 | 195 |
| Capital allocated by the owner (MNOK)* | 1 480 | 1 478 | 1 500 | 1 690 | 1 905 | 1 820 | 1 680 |
| KPI: Share of investments in least developed countries | 29% | 33% | 36% | 41% | 40% | 39% | 40% |
| KPI: Share of investments in Sub Saharan Africa | 53% | 52% | 50% | 55% | 53% | 53% | 65% |
| KPI: Share of greenfield investments | 18% | 20% | 27% | 32% | 31% | 25% | 22% |
| KPI: Share of equity and indirect equity | 85% | 85% | 85% | 81% | 79% | 79% | 75% |
| KPI: Renewable energy share of allocated capital | 22% | 62% | 145% | 60% | 55% | 54% | 40% |
| Number of employees in Norfund | 69 | 69 | 71 | 75 | 82 | 96 | 111 |
| Number of jobs in portfolio companies | 382 000 | 276 000 | 292 000 | 304 000 | 380 000 | 377 000 | 451 000 |
| Taxes paid by portfolio companies (BNOK) | 8.6 | 10.9 | 9.3 | 13.9 | 14.1 | 16.9 | 16.9 |