Norfund is investing in B5 Plus Limited, one of Ghana’s largest steel manufacturers. The investment in sustainable and local steel production will help create thousands of jobs and support Ghana’s transition to cleaner energy.

B5 Plus Limited is recognized for its ISO 9001:2015 certification and adoption of Kaizen continuous improvement practices. Norfund’s investment is in the form of a USD 15 million loan. The capital will be used to refurbish a recently acquired steel plant in Ghana’s Tema Freezone and build a 16 MW solar power facility at B5 Plus’ site in Prampram. It will also strengthen the company’s operations through modernization and improved efficiency.  

“This investment aligns with our mandate to create jobs and improve lives, and it helps reduce the carbon footprint of the supply chain and production processes, including through increased use of scrap metal and integration of renewable energy. It also strengthens the company’s competitiveness and contributes to green industrial growth in Ghana”, says Naana Winful Fynn, Norfund’s Regional Director for West Africa. 

The project is expected to create 1,800 direct jobs and contribute to an additional 10,000 indirect jobs. Demand for construction materials like steel is rising in line with economic growth in Ghana and the region. 

“Local and competitive steel production is essential to support infrastructure development and the industrial growth needed to create the jobs that are key to driving development in Ghana”, says Fynn. 

Steel production is a major source of global greenhouse gas emissions, averaging 1.92 tons of CO₂ per ton of steel (World Steel Association – CO₂ Data). B5 Plus already primarily relies on recycled steel, and by further increasing this usage in combination with investing in solar energy, the company is taking important steps to ensure that Ghana’s growth happens with as low emissions as possible. 

Norfund is investing up to USD 6 million in Langeberg Foods, a major canned fruit producer in South Africa, to support a local farmer-led takeover of the business. The investment will help secure over 3000 seasonal and permanent jobs in the town of Ashton.

Langeberg Foods is being acquired from Tiger Consumer Brands, who first announced its exit intentions in 2020. The new ownership group consists of Norfund, a consortium of 90 local farmers, and a newly established community trust. This ensures that the local community, the farmers and local workers become co-owners of the company and vested in its success.

“With the sale completed, the producers are looking forward to stability in the industry and the prospects of planting new orchards and sustainable growth to the benefit of all in the value chain,” says Anthony Dicey, Chairman, Ashton Fruit Producers Agricultural Co-Operative.

By investing in local fruit processing, Norfund helps ensure that more of the value generated in agriculture remains within the local community – and that farmers gain access to better and more stable markets for their produce.

“This is a unique opportunity to secure jobs and local ownership in a business that is vital to the community and with big growth potential,” said Pindie Nyandoro, Norfund’s Regional Director for Southern Africa.

The investment will be used to upgrade equipment, rebuild export volumes, and strengthen the management team. The new CEO and chairman both bring decades of experience in the industry and are investing their own capital in the company.

“At Langeberg Foods, our vision is to honour South Africa’s proud fruit heritage by delivering world-class quality, driving sustainable growth, and empowering people through a culture of pride and partnership. Ashton is more than just a factory; it is the heartbeat of a community, and this year’s opening is about creating jobs, uplifting people, and building a stronger, more sustainable future,” says Edwin Kriel, the new CEO of Langenberg Foods. 

Over 80 percent of Langeberg Foods’ products – canned fruit and purée – are exported to international markets. The investment therefore not only supports local employment but also strengthens South Africa’s export revenues and value creation in the agricultural sector.

Norfund is investing EUR 20 million in Société Ivoirienne de Productions Animales (SIPRA), one of the largest locally owned and integrated poultry companies in West Africa. 

Headquartered in Abidjan (Côte d’Ivoire), SIPRA is a market leader in the poultry sector. The company operates across the entire value chain – from feed production; breeding to processing and distribution with a strong regional presence (+150 outlets) both Côte d’Ivoire and Burkina Faso. 

Norfund’s strategic investment will enable SIPRA to significantly scale up its production capacity in the three segments in which it operates, continue to lead innovation in animal feed and continue to optimize overall operational efficiency. The Company provides long term employment to over 1200 people representing brands such as IVOGRAIN, IVOIRE POUSSIN and COQIVOIRE. 

A strong partnership

Naana Winful Fynn, Regional Director for West Africa at Norfund, adds “By investing in SIPRA, we are partnering with an important company in Cote d’Ivoire’s economy. This investment aligns strongly with Norfund’s mandate to create jobs and improve lives. We will support the company to continue with its critical contribution to food security in Cote d’Ivoire, to realize its growth ambitions and to continue the work it is doing on the institutionalization front. These initiatives will strengthen the company’s long-term competitiveness and help to build an institution that will outlive this generation”. 

Norfund will be an active shareholder, supporting the company through a generational leadership transition, and contributing to institutional development and improvements in governance and operational performance. 

About Groupe Avos og SIPRA

 AVOS is a leading industrial agri-food group in West Africa, whose mission is to “Contribute to better feeding Africa.” Building on its leadership in poultry farming, the AVOS Group, founded by its Chairman and CEO, Mr. Jean-Marie ACKAH, has been operating for several decades in the vertical integration of agri-food value chains, making it a major player in the region’s industrial sector. 

With the acquisition in 2000 of SIPRA, a subsidiary of the French group EVIALIS, which he had already managed as CEO for 10 years, Mr. Jean-Marie ACKAH began building his group. The fully integrated and successful vertical model he developed enabled SIPRA to become the leader in the poultry sector in Côte d’Ivoire and the sub-region. SIPRA’s steady growth led to its expansion into Burkina Faso with the creation of the Société Burkinabé de Productions Animales (SOBUPRA); the opening of a second production site in Côte d’Ivoire, in the city of Yamoussoukro, with the establishment of the Société d’Aliments du Bétail du Bélier (SABB); and the upstream extension of its integration chain through an ambitious maize production program in the north of Côte d’Ivoire. 

The Climate Investment Fund and KLP are investing NOK 850 million in the establishment of a new platform with ambitious plans for renewable energy development in South Africa. The investment is partly financed by capital from exiting one of the fund’s first investments in the same country. 

The new platform, called “Anthem”, has a secured portfolio of more than 2.7 GW across 17 operating wind and solar projects of over 1GW, four projects under construction of 445MW, three projects in financial close of 1.2GW, and a further 11 GW pipeline under development.

For comparison, Norway’s entire power supply has a capacity of 40 GW. 

“These are the kinds of contributions needed to accelerate the transition to renewable energy in countries like South Africa, which today is dependent on coal power,”

Åsmund Aukrust

Minister of International Development

Born from the integration of African Clean Energy Developments (ACED) and EIMS Africa under the African Infrastructure Investment Managers (AIIM) managed IDEAS Fund as shareholder, Anthem combines deep development, asset management and operational expertise to deliver clean, reliable and cost-effective power to Eskom, large private offtakers, and the region’s growing energy market. Mahlako Energy Fund, an investment and advisory firm owned 100% by Black South African women, is also joining as an investor. 

The Climate Investment Fund is investing NOK 685 million directly, while KLP Norfund Invest (KNI) is investing NOK 170 million. KNI is the joint investment company of KLP and Norfund, owned 51% by Norfund and 49% by KLP.  

“Anthem will be a key investment in The Climate Investment Fund’s efforts to support the transition to renewable energy in South Africa, making a significant contribution in terms of avoided emissions, while also ensuring the country has reliable access to the energy needed for growth out of poverty,” says Bjørnar Baugerud, Head of The Climate Investment Fund at Norfund. 

“We firmly believe that the investment in Anthem will deliver solid returns for KLP’s owners, while also contributing to increased renewable energy production in South Africa. This aligns with KLP’s role as a long-term and responsible investor,” says Eric Nasby, Investment Analyst at KLP. 

Reinvesting capital from The Climate Investment Fund first investments 

This investment comes a week after The Climate Investment Fund exited one of its first investments. The investment in Scatec’s pioneering solar and battery project Kenhardt is now being taken over by South Africa’s Standard Bank, freeing up NOK 440 million for new investments. The investment yielded an annual return of 13% in South African rand. 

“As many countries are now cutting funding for aid and development, mobilising private capital is a prerequisite for success, and The Climate Investment Fund does this both by investing alongside private actors and by allowing private capital to take over when possible,” says Aukrust. 

Becoming a key player in South Africa’s renewable energy development

From its inception, Anthem will be one of South Africa’s largest renewable energy companies. 

“Access to capital on competitive terms is crucial for us to realise our ambitious plans for renewable energy development in South Africa, and we are therefore very pleased to have Norfund and The Climate Investment Fund on board,” says James Cumming, the CEO of Anthem. 

For renewable energy, almost the entire cost comes at the time of investment. This means that high capital costs, due to higher risk in developing countries, can hinder the transition from coal to renewables, which require less investment but are more expensive to operate. 

South Africa has one of the world’s highest shares of coal in power production, at over 80% (IEA). The climate benefits are therefore substantial if new renewable production can be realised. 

Standard Chartered Bank was Norfund’s financial advisor in the deal.  

Norfund is selling its hydropower assets in Africa to Savannah Energy, completing its exit from what was formerly SN Power, built in partnership with Statkraft. 

“When we can sell with solid returns to private actors and mobilise capital for new investments, we contribute even more effectively to development,” says Øystein Øyehaug, Investment Director at Norfund.

Norfund is selling its 50.1% ownership in Klinchenberg, which was established to manage Norfund’s hydropower holdings in Africa after other parts of SN Power were sold in 2021. The company holds stakes in three hydropower projects: Bujagali in Uganda, Mpatamanga in Malawi, and Ruzizi III – a collaboration between Rwanda, Burundi, and the Democratic Republic of Congo. 

“These projects help ensure stable power supply in Uganda, support the development of Malawi’s largest power plant, and strengthen regional cooperation that has been a key part of peacebuilding in a turbulent region,” says Øyehaug. 

Long-term and profitable commitment to hydropower

After building SN Power into a leading hydropower company in developing countries, Norfund sold the company to Scatec for NOK 10.9 billion in 2020. Norfund retained ownership of SN Power’s facilities in Panama and Zambia, and 49% of remaining projects in Africa. 

“Through the development and sale of these projects, we’ve helped mobilize significant private capital in a region that rarely succeeds in attracting private investment,” says Øyehaug. 

The facilities in Zambia were sold earlier this year to Globeleq. In 2022, half of Klinchenberg was sold to British International Investment (BII). Scatec’s share in the African projects formerly part of SN Power was sold earlier this year to TotalEnergies. 

“The annual return of 21% in USD from these projects shows that it is possible to develop profitable energy projects even in some of the world’s most challenging markets. The capital we free up will be reinvested in new projects that contribute to sustainable growth,” says Øyehaug. 

Norfund, the Norwegian government’s investment fund for business development in developing countries, is investing in Mohinani Group to support plastic recycling in Ghana and Nigeria. The investment in the form of a loan aims to reduce waste, cut greenhouse gas emissions, and create jobs in two of West Africa’s largest economies. 

“This investment in Mohinani Group aligns with our efforts to develop the plastic recycling sector, one of Norfund’s investment areas, in collaboration with industrial partners. By supporting the company to build high-capacity recycling infrastructure, we aim to buttress and develop collection chains, help to create jobs and improve lives, reduce dependency on imported inputs and decrease the amount of unmanaged waste. Along with the IFC, we look forward to supporting the company to operationalize these projects, as well as to additional collaborations,” says Naana Winful Fynn, Norfund’s Regional Director for West Africa. 

Mohinani Group has established two modern facilities for recycled PET (rPET) – one in Ghana and one in Nigeria – with a combined annual capacity of up to 15,000 tonnes of food-grade recycled plastic. This will replace virgin plastic in the production of bottles and packaging, helping meet global requirements for increased use of recycled materials.  

“This collaboration with Norfund marks another major milestone in our sustainability journey. Together, we are intensifying efforts to close the loop for bottle-to-bottle recycling across West Africa and beyond, while creating more jobs, enhancing the circular economy, and driving environmental impact,” said Mr. Ashok Mohinani, Chairman of the Mohinani Group. 

Globally, plastic production has doubled over the past 20 years, yet only 9 percent of plastic waste is actually recycled. In 2019, recycled plastic accounted for just 6 percent of the feedstock for new plastic, despite a fourfold increase in production over the same period. In Sub-Saharan Africa, each person uses only 16 kilograms of plastic per year on average, compared to 156 kilograms in OECD countries. However, large amounts of waste end up in open dumps or in nature due to inadequate waste management, and only 6 percent of plastic waste is recycled (Global Plastics Outlook 2022). 

Recycling creates new jobs

Mohinani Group is a family-owned industrial conglomerate with roots in Africa and operations in Ghana, Nigeria, Kenya, Dubai, and Hong Kong. The group employs over 5,000 people and is a leader in plastic manufacturing, packaging, trade, and recycling. In collaboration with local collection partners, the company has built a network of over 30 actors in Ghana and Nigeria to secure sufficient plastic waste as raw material. 

“The project is expected to create around 500 direct jobs and up to 3,000 indirect jobs in collection, transport, and logistics. It will also help reduce plastic pollution, cut greenhouse gas emissions, and strengthen local industry,” says Fynn. 

According to OECD, developing countries need over EUR 25 billion in annual investments to build adequate waste management systems. Current aid covers less than 2 percent of this need, making private capital mobilization essential to solving the plastic crisis. 

The Climate Investment Fund, managed by Norfund, has completed a responsible exit from the Kenhardt project — South Africa’s first large-scale hybrid solar and battery facility, built by Norwegian company Scatec. 

“Through early-stage financing, we mobilized private capital and helped make this groundbreaking project by Scatec a reality. Now that private investors are taking over our share as well, allowing us to reinvest in new projects, our contribution gains an additional multiplier effect,” says Bjørnar Baugerud, Head of the Climate Investment Fund at Norfund. 

Kenhardt, developed by Scatec and H1 Capital, is among the world’s largest hybrid plants, with 540 MW of solar power and 225 MW / 1,140 MWh of battery storage. The project was awarded under South Africa’s RMI4P program—a technology-neutral scheme designed to rapidly address the country’s acute power shortages and reduce reliance on costly diesel-based backup plants. Distinguished as the only fully renewable solution among the contenders, the Kenhardt project surpassed fossil-fueled alternatives in the competitive bidding process, by combining solar power with battery storage to deliver stable electricity between 05:00 and 21:30. 

In a country where most energy is coal-based, the project helps avoid 900,000 tons of CO₂ annually — equivalent to the emissions from 460,000 Norwegian fossil-fueled cars. 

South African bank takes over financing 

H1 Holdings has now partnered with Standard Bank to secure long-term equity financing of R1.921 billion, enabling a responsible exit for the original investors—Norfund, British International Investment (BII), and the Industrial Development Corporation (IDC). 

Access to capital on competitive terms is essential for realizing renewable projects in emerging economies, where the cost of capital is significantly higher than in developed countries. This makes it particularly challenging to replace planned and existing coal-fired power plants with solar and wind projects, which require high upfront investments. 

In South Africa, the power sector has faced serious challenges related to aging infrastructure, economic instability, and frequent power outages—with major consequences for both businesses and households. 

Case study highlights local job creation and environmental and social standards

Alongside the exit, Norfund is publishing a case study providing more details about the project. The study outlines how the project was assessed according to both local requirements and IFC’s international guidelines to ensure high environmental and social standards. An independent assessment was conducted to identify environmental and social risks and to validate Scatec’s risk management systems. This was supplemented by government-mandated studies and expert analyses in areas such as cultural heritage, human rights, geohydrology, traffic, and biodiversity, resulting in an action plan with follow-up and monitoring. 

“In a region marked by high unemployment and social challenges, the project has contributed to local value creation through hiring workers from nearby areas, sourcing goods and services from various local suppliers, and social initiatives such as food distribution and water supply. The construction sector is traditionally male-dominated, but the Kenhardt project stood out with a high proportion of female workers,” says Karoline Teien Blystad, Director of Climate and Impact at Norfund. 

During the construction phase, extensive measures were implemented to reduce traffic-related accidents and safeguard worker health and safety, including driver training, GPS monitoring of vehicles, and strict speed limits. The project also conducted a risk assessment related to gender-based violence and harassment (GBVH), and implemented training and awareness efforts in the local community and among employees. Biodiversity was protected through careful handling of vulnerable plant species, and water needs were met without burdening groundwater resources. 

After four years of collaboration, the Central American Council of Superintendents of Banks, Insurance Companies and Other Financial Institutions (CCSBSO), IFC, FMO and Norfund have concluded the Sustainable Finance for Development (FISDE) initiative, aimed at strengthening the resilience of financial systems In Central America, Colombia and the Dominican Republic. 

Through FISDE, eight national supervisory authorities now have access to tools and roadmaps aligned with international standards and adapted to local contexts – enabling the integration of ESG criteria into regulation, supervision and financial management. 

One of the key outcomes of the FISDE initiative is the development of a regional green taxonomy. This taxonomy enables the classification of environmentally positive investments in a consistent way across countries in the region. It provides a shared framework for defining sustainable economic activities, facilitating harmonization of criteria across jurisdictions. While tailored to local contexts, the taxonomy is aligned with international standards and will serve as a vital tool for both regulators and financial institutions in advancing green finance and mitigating greenwashing risks. 

The initiative also delivered tangible capacity-building results: Over 100 supervisory staff participated in technical training, and several countries conducted pilot exercises to test climate risk integration in supervision. A regional platform for knowledge exchange and coordination has also been established. 

FISDE has helped embed sustainable finance as a strategic priority across the region. The development of ESG roadmaps required a consultation process with external stakeholders, which generated key recommendations and findings to strengthen supervisory capacities and support the design of public policy tools for sustainable finance. These roadmaps are now in place across supervisory authorities, with mechanisms for continued collaboration between technical teams and strategic partners in motion beyond the project’s conclusion. Importantly, they also send clear signals to the market to encourage further progress. 

The closing event in the Dominican Republic brought together supervisory authorities, private banks and multilateral institutions to reflect on progress in sustainable finance. Several Norfund investees shared their experiences and lessons learned on ESG integration and risk management. Grupo Promerica, Grupo BAC, and BHD openly reflected on their approaches to E&S risk management, financial inclusion, and climate risk assessment. Their contributions brought valuable real-world insights to the dialogue and helped bridge perspectives between supervisory authorities and the financial sector. Norfund’s Regional Director Federico Fernandez shared reflections on the power of strategic partnerships to accelerate a just transition. 

“This is a strong example of how good collaboration across the usual silos combined with targeted technical assistance can strengthen institutions and lay the groundwork for more resilient, inclusive financial systems,” said Morales Dada. 

Noisy and polluting petrol generators remain the backbone of Africa’s $75 billion off-grid power market. MOPO, a battery rental company, is challenging this model and has now received a USD 5 million investment from Norfund to scale its solution. 

A model built for the hardest-to-reach communities 

MOPO (Mobile Power Ltd.) operates solar-powered charging hubs in Nigeria, the DRC, Sierra Leone, Liberia, Chad and Uganda – countries with some of the lowest electrification rates in the world. Because diesel generators are cheap to buy but expensive to run, use of solar-powered batteries offers a far cheaper and cleaner option in the long term. There is only one problem – many can’t afford the initial investment. Battery leasing removes this barrier, providing households and businesses in off-grid communities with affordable, reliable power without upfront costs.  

In Sierra Leone, where just 21 percent of the population has access to electricity, customer Ibrahim Bangura shares: “MOPO has changed my life! We no longer struggle with unreliable, expensive energy, we have power exactly when we need it. The batteries are cheaper than petrol generators and we now have consistent affordable power that runs my fridge, helps my children study after dark, and allows me to run my business more reliably.” 

Taking risks where others won’t

To reach the riskiest and most early-stage companies in the toughest markets, Norfund invests through its Frontier Facility. The facility is designed for exactly these kinds of high-risk opportunities in countries where few others are willing to invest.  

“We are thrilled to support MOPO’s expansion through the Frontier Facility, addressing underserved areas in particularly challenging markets. Its model replaces expensive and polluting generators with affordable, renewable power, reaching households and small businesses,” says Pål Helgesen, Investment Director at Norfund.

Disrupting Africa’s fossil fuel dependency

A core part of MOPO’s impact is replacing polluting diesel generators, which remain the default power source for millions of households and businesses across Africa. By offering affordable, renewable batteries on a pay-per-use basis, MOPO helps communities phase out these costly and harmful generators. 

Norfund is investing in Green Create, a waste-to-value group with operations in Mauritius and South Africa. The investment is made in partnership with the South African fund Infra Impact, which Norfund committed USD 8.5 million (150 M ZAR) to in 2023. 

The Green Create facilities treat both millions of liters of effluent wastewater as well as processes thousands of tonnes of agricultural waste each year. The company’s operations reduce the load on the downstream municipal water treatment infrastructure as well as landfilling and generate biogas that can replace fossil fuels in industrial processes. In South Africa coal still dominates the energy mix, and biogas is a renewable energy source. 

“South Africa and Mauritius faces three pressing challenges at once: an unreliable electricity supply, strict emissions reduction targets and ongoing environmental issues related to wastewater. Infra Impact’s investment in the Green Create companies is a testament to Infra Impacts commitment to water treatment and sustainable energy leadership in Southern Africa. The Green Create plants demonstrates our strategic investment focus, perfectly aligned with our mission to drive the Just Energy transition and address South Africa’s pressing waste water challenges. Teaming up with Green Create positions us to significantly boost biomethane production, playing a crucial role in meeting the South Africa and Mauritius ambitious energy goals. This transaction underscores Infra Impact’s role in delivering meaningful environmental impact and sustainable growth in the biogas and wastewater treatment sectors”. Says Mark Van Wyk, Co-Founder and CEO of Infra Impact Fund Managers.

Green Create currently operates three anaerobic digestion plants: in Worcester and Rustenburg, South Africa, and in Mauritius. The Worcester and Mauritius facilities treat poultry processing plant and tuna processing plant effluent streams respectively whilst the Rustenburg facility processes poultry manure along with sludge waste from the poultry processing plant. Together, these sites produce biogas, electricity, thermal energy, and clean water, while also recovering nutrients for use as fertiliser. The facilities are located near industrial clients and operate under long-term offtake agreements

“We are thrilled to reach this significant milestone in partnering with Infra Impact and Norfund, with their strategic acquisition into our Green Create Southern African business. While this is a moment of celebration, it also signals the beginning of a promising new chapter. The partnership brings to us not only new resources and expertise but a shared vision to innovate and create greater value for our current and prospective customers which will include the expansion and optimization of some of our existing facilities, the development of various new opportunities and the further roll out of our operations and maintenance division,” Says Byron Norval, COO of Green Create.

The waste-to-energy sector is recognized as an eligible climate finance activity, and in particular climate change mitigation. Southern Africa currently faces the largest climate finance funding gap, with only 18% of mitigation needs and 20% of adaptation needs currently being met, according to a recent report from the Climate Policy Initiative.

The outputs from Green Cerate’s operations yield circular by-products—such as organic fertilizers, ammonium sulphate, and clean water that are reintegrated into agricultural and industrial systems, replacing synthetic inputs, thus contributing to circular economy principles by extending material lifecycles and minimizing waste.