July 22, 2024
Norfund and French global environmental company Veolia are launching a joint development and financing platform to contribute to green industry in Africa through sustainable solutions for water, energy and waste management.
“Across the continent, African industry has a great need to ensure reliable and affordable access to energy and water, without increasing their environmental footprint, but companies often lack financing for the necessary investments. We are pleased to partner with such a strong global player as Veolia to develop sustainable solutions to these challenges.”
Ellen Rasmussen, Executive Vice Present for Scalable Enterprises at Norfund
Veolia employs 218,000 people on five continents in the management of water, waste and energy. Last year, the group provided 113 million people with drinking water, 103 million people with sanitation and treated of 63 million tons of waste, with a total turnover of EUR 45.3 billion. In Norway, the subsidiary Veolia PET Norge is responsible for the recycling of plastic bottles.
Now the French giant is working with Norfund, the Norwegian government’s investment fund for developing countries, to contribute to green industry in Africa.
“This type of collaboration that mobilizes industrial expertise and private capital is crucial for creating sustainable jobs that enable African countries to grow out of poverty while mitigating challenges related to climate, pollution and water scarcity”
Minister of international Development Anne-Beathe Tvinnereim
The partnership aims to develop, finance, build and operate solutions that offer low-carbon energy, optimized water cycle and sustainable waste management.
“The plan is to invest in projects ranging from €3 million to €50 million, and offer turnkey solutions through performance-based contracts, particularly targeting companies in resource-intensive sectors such as food and beverage, materials, chemicals and mining,” says Rasmussen.
Veolia has extensive experience from Africa, and together with Norfund, the company aims to support sustainable long-term growth through industrial development across the continent.
“As a leader in environmental services, Veolia is As a leader in environmental services, Veolia is thrilled to combine its expertise with Norfund’s renowned commitment to invest in sustainable projects that drive development and innovation to green up African industries. As part of our GreenUp strategic program, Veolia will especially target REUSE and energy saving projects, offering decarbonized solutions like biomass to energy or Zero Liquid Discharge to the industry, on a continent facing water scarcity and a lack of reliable energy.
Philippe Bourdeaux, Delegated Zone Africa, Near & Middle East Director, Veolia