Financial results

In 2023, the Climate Investment Fund delivered an estimated return (IRR) of 21.9 per cent in investment currency and 17.8 per cent in NOK. Since inception, the portfolio has had an average return (IRR) of 24.4% measured in investment currency and 20.4% measured in NOK.

The Climate Investment Fund ended the year with an operating income of NOK 7,6 million and a negative result after tax of NOK 28,5 million. In this early phase of the fund, investment and management costs are exceeding the income. The investments made so far have performed broadly as expected, and income from interests and dividends are expected to increase significantly.

The Fund has rounded its second year and by the end of 2023, a total of NOK 2.086 million have been invested, while the total equity is at NOK 3.966 million NOK, after the planned capital increase by NOK 2 billion during the year. 


IRR for 2023 (investment currency)


IRR since inception (investment currency)

The return figures must be seen in light of the fact that the fund is relatively new with still few investments and no exits. At the end of 2023, the committed portfolio totaled NOK 3.8 billion.

Financial statements

Income Statement
(Figures in 1000s of NOK)Note20232022
Total receivables0
Investments41 694 299427 981
Investments in equities and funds4392 1940
Loans to investment projects
Total investments2 086 494427 981
Bank deposits1 879 9271 567 180
Total current assets3 966 6801 995 161
Total assets3 966 6801 995 161
Called and fully paid capital51 500 000750 000
Primary capital5500 000250 000
Reserve capital2 000 0001 000 000
Total called and fully paid capital
Earned equity
Surplus fund51 966 680995 161
total retained earnings1 966 680995 161
Total equity
Total equity and debt3 966 6801 995 161

Note 1

The current accounts for the Climate Investment Fund (CIM) follow the same principles as Norfund’s annual accounts.

Note 2

Dividends have been received from our investment in H1 Capital in South Africa of NOK 7,682 thousand.

Note 3

The management fee is calculated based on the Climate Investment Fund’s portfolio share of Norfund’s total

portfolio and Norfund’s total costs. The portfolio share is based on the recorded historical cost of the investments. The management fee is allocated quarterly and at the end of 2023 CIM accounted for 7.3% of Norfund’s total investments.

We also refer to the mention in the board’s report under the chapter organization and efficient operation.

Note 4

The Climate Investment Fund has the following investments at the end of 2023. Further information can be found in the Climate Investment Fund’s business report.

EquityCommitted amountAccounted value
KNI INDIA AS (India875 961429 435
H1 Capital (South Africa)212 745212 745
SAEL Industries (India)1 126 507611 582
Volta Ltd (Sri Lanka)10 4109 021
Fourth Partner Energy Limited (India)431 515431 515
Total2 657 1391 694 299
LoanCommitted amountAccounted value
H1 Kenhardt (South Africa)400 096312 992
Pele Green Energy (South Africa)363 8098 286
Volta Ltd (Sri Lanka835 210392 194
835 210392 194

Note 5

Primary capitalRisk capitalSurplus fundsTotal equity
Capital 31.12.2022750 000250 000995 1611 995 161
Transfer from the Ministry of Foreign Affairs750 000250 0000
Earmarking of Norfund's surplus fund profit for the year1 000 000
Capital at 31.12.20231 500 000500 0001 966 6803 966 680