Key Figures

By year end 2019, Norfund had committed investments totaling 24,923 million NOK in 163 projects. Almost half of the portfolio is invested in clean energy projects.


total committed


Committed in 2019


Allocated from owner in 2019

Norfund’s yearly investment activity has increased significantly since inception.

Providing equity capital is Norfund’s preferred instrument, strengthening investment companies’ capital structure and enabling Norfund to take a role as an active owner.

Priority Geographical regions

According to Norfund’s strategy, more than 50% of our investments are in Sub-Sharan Africa.

Total portfolio per region 2019 (MNOK)

Four investment areas

Norfund prioritizes investments to four investment areas; Clean Energy, Financial Institutions, Scalable Enterprises and Green Infrastucture. While almost half the portfolio was invested in Clean Energy by the end of 2019, no investments were committed in Green Infrastucture as this is a brand new investment area.

Committed Portfolio per Investment Area (by end 2019)

Priority to Least Developed Countries (LDCs)

The need for investments is high in Least Developed Countries due to the scarcity of capital available in these markets. As of end 2019, 40% of all investments were in Least Developed Countries.


Total Portfolio in Least Developed Countries

High Share of Greenfield Investments

Employing capital to new physical facilities, power plants, startups and first generation funds are classified as greenfield investments. Greenfield investments often have high risk but may be particularly important to development. Financing greenfields can be extremely challenging in developing countries.


Total portfolio in greenfield

Priority to equity

Access to equity is particularly important to companies in developing countries. Providing equity is Norfund’s preferred instrument, strengthening investees’ capital structure and enabling Norfund to take a role as an active strategic owner.

Committed portfolio by Instrument (by December 2019)


As of end 2018, since inception, Norfund's Internal Rate of Return (IRR) expressed in investment currency, was 5.8 %. When calculated in Norwegian kroner, the IRR for this period was 9.3%.


IRR since inception (Investment Currency)


IRR since inception (NOK)

Internal Rate of Return (IRR) in investment currency

Since inception
Clean Energy77190.12-9-4121011
Financial Institutions73681264969
Scalable Enterprises-5-54-5-4-10-4-1027

In 2018 total revenue for Norfund ended at NOK 1 322 million. An increase in the loan portfolio during late 2017 and 2018 resulted in a 59% increase in interest income from NOK 123 million in 2017 to NOK 195 million in 2018. Norfund exited two equity investments during the year, Kabul Serena Hotel and Scatec Solar Kalkbult, with realized gains in 2018 of NOK 151 million. In total Norfund received dividends of NOK 187 million where the largest ones where from KLP Norfund Investments, Scatec Solar Kalkbult and CIFI. Net profits from associated companies also increased and contributed with a profit of NOK 768 million in 2018.

As a knowledge-based enterprise, most of our operating costs are personnel-related. Other costs include office rent, fees for hired services, and travel. In addition, other costs include early stage costs accrued in developing projects to a stage where an investment decision can be made.

The strengthening of the Norwegian Kroner against the US Dollar has had a positive effect on the value of the loan portfolio as a large share of the portfolio is in USD

In 2018 Norfund had net write-downs of NOK 295 million

Norfund’s total assets were NOK 26 065 million in 2018 compared to NOK 22 785 million in 2017. Fixed financial assets, which is the shareholdings in the associated companies, was NOK 15 535 million in 2018. The loan portfolio had a net increase of NOK 1 142 million in 2018 up to NOK 3 075 million. The Equity Investments slightly increased by NOK 258 million. Bank deposits amounted to NOK 2 869 million at the end of 2018. Per 31.12 2018 an amount of NOK 4029 million was committed but not yet disbursed.