Looking back at 2019, Norfund is proud to announce that we have succeeded in committing more than 1,4 BNOK (app. 157 MUSD) in 18 Clean Energy projects in some of the worlds most challenging markets. More than 400 000 households got access to electricity in 2019 thanks to Norfunds investments in clean energy.
Increased supply of and access to clean energy is essential if we are to achieve the UN Sustainable Development Goals and fight climate change.
Our investments range from large on-grid power providers to companies providing solar home systems, as well as suppliers and investments funds providing mini-grid and small on-grid solutions.
In 2019, we have expanded our range of instruments to include PE and debt funds, as well as executing complex structured debt transactions. We are now one of the leading financiers in the off-grid space, while continuing our financing of grid-connected power plants.
In 2019 we have had 18 transactions, including:
- Two private equity funds focusing on clean energy: Inspired Evolution II and Metier Sustainable Capital II
- A Norwegian fund focused on rooftop solar: Empower New Energy
- A venture capital investment company with Schneider Electric Energy focussed on access to energy
- Two debt funds: FEI providing debt to small scale IPPs and rACPF providing debt to off-grid companies
- Equity to a rooftop solar company in Nigeria: Arnergy
- Debt to a leading off-grid company: Greenlight Planet and debt to a rooftop solar company in Nigeria: SPUL
- Equity to two minigrid companies: The expansion of Yoma MicroPower and the start-up WeLight in Madagascar
- Equity to several small scale IPP companies including the expansion of RAREH, establishment of the JV with EcoPower, project development of Ventus small scale hydro, as well as follow-on capital to Bio2Watt and Nam Sim
- Globeleq has executed two new IPPs: the 52 MW solar project in Kenya and the 253 MW expansion of Azito plant in Cote d'Ivoire in addition to closing the acquisition of a 146 MW renewables portfolio in SA (not on the attached list as funded by acquisition debt)
Norfund offers risk capital and expertise to businesses that meet Norfund’s strategic priorities.