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Private Equity
FINANCE | Investment Firms & Funds
norfund.no

Investments

52

Portfolio Exits

1

Funds

1

Partners & Customers

10

About Norfund

Norfund is a Norwegian fund for developing countries that invests in the establishment and development of profitable and sustainable enterprises in developing countries. Norfund provides equity, other risk capital, and loans to companies in selected countries and sectors where businesses lack access to sufficient capital to develop and grow. The sectors in which Norfund invests are clean energy, financial institutions, and agribusiness, in addition to small and medium-sized companies through investment funds. The company was founded in 1997 and is based in Oslo, Norway.

Headquarters Location

Fridjjof Nansens plass 4

Oslo, N-0160,

Norway

+47 22 01 93 93

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Latest Norfund News

ReNew commissions transmission project, gets fresh Norwegian funds

Nov 17, 2023

Signing between the Climate Investment Fund, ReNew and KLP in India the 15th of November 2023. Image by Norfund (www.norfund.no) Indian renewable energy company ReNew ( NASDAQ:RNW ) on Thursday said it has commissioned its first interstate transmission project which will support the transmission of 1,500 MW of renewable energy in the Koppal area of the southern state of Karnataka. Koppal Transmission Scheme is one of three transmission projects the company has won in Karnataka under the inter-state transmission scheme (ISTS) so far, intended to transmit 5,000 MW of wind and solar power. The remaining transmission for 3,500 MW is expected to be completed by June 2024, according to the announcement. The commissioning follows an investment by the Norwegian government's Norfund and pension company KLP. A second joint investment between the parties was signed on Wednesday, with Norfund and KLP committing around USD 9 million (EUR 8.3m) for a 49% stake in the second project in Gadag district in Karnataka, ReNew said. “Through this second investment and our partnership with Renew, we are pleased to be able to contribute to the connection of another 2.5 GW of planned renewable power to the national grid,” said Bjornar Baugerud, head of the Climate Investment Fund at Norfund. Anne Beathe Tvinnereim, Norway’s Minister of International Development, said the deal is an example of public funding mobilising private capital for the energy transition and also shows how Norwegian investments are supporting India’s goal of 500 GW of non-fossil capacity by 2030. Kailash Vaswani, chief financial officer of ReNew Private Limited, commented that the investments in the transmission sector are complementary to the company’s core renewable energy portfolio as they improve the certainty of connecting ReNew’s large renewable energy development projects. (USD 1 = EUR 0.922)

Norfund Investments

52 Investments

Norfund has made 52 investments. Their latest investment was in Funding Societies as part of their Debt - V on November 11, 2023.

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Norfund Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/2/2023

Debt - V

Funding Societies

$7.5M

Yes

4

10/23/2023

Private Equity

ANB Group

$10M

Yes

2

9/8/2023

Private Equity

Biofuels Junction

Yes

5

8/11/2023

Private Equity - III

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$99M

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10

7/18/2023

Convertible Note

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$99M

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10

Date

11/2/2023

10/23/2023

9/8/2023

8/11/2023

7/18/2023

Round

Debt - V

Private Equity

Private Equity

Private Equity - III

Convertible Note

Company

Funding Societies

ANB Group

Biofuels Junction

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Amount

$7.5M

$10M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

4

2

5

10

10

Norfund Portfolio Exits

1 Portfolio Exit

Norfund has 1 portfolio exit. Their latest portfolio exit was Starsight Energy on September 22, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/22/2022

Merger

$99M

7

Date

9/22/2022

Exit

Merger

Companies

Valuation

$99M

Acquirer

Sources

7

Norfund Acquisitions

4 Acquisitions

Norfund acquired 4 companies. Their latest acquisition was Nouvelle MICI EMBACI on July 03, 2023.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

7/3/2023

$99M

Acq - Fin

4

3/25/2022

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$99M

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10

4/22/2020

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$99M

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10

4/3/2018

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$99M

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10

Date

7/3/2023

3/25/2022

4/22/2020

4/3/2018

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

Total Funding

Note

Acq - Fin

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Sources

4

10

10

10

Norfund Fund History

1 Fund History

Norfund has 1 fund, including Infra Impact Mid-Market Infrastructure Fund I.

Closing Date

Fund

Fund Type

Status

Amount

Sources

Infra Impact Mid-Market Infrastructure Fund I

1

Closing Date

Fund

Infra Impact Mid-Market Infrastructure Fund I

Fund Type

Status

Amount

Sources

1

Norfund Partners & Customers

10 Partners and customers

Norfund has 10 strategic partners and customers. Norfund recently partnered with Scatec on June 6, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

6/23/2022

Partner

Norway

British International Investment to invest up to $200 million in African hydropower alongside Norfund and Scatec - Scatec

We are delighted to be able to join forces with BII in our partnership with Scatec , to further scale up our ability to provide clean and affordable energy through hydropower , enabling economic development and job creation , while avoiding emissions . ''

2

3/3/2022

Partner

United Kingdom

Norfund and CDC Group join forces to back renewable power development in South Africa - Norfund

H1 hopes that the partnership fostered with Norfund and CDC Group can be replicated with other players and projects in Sub-Saharan Africa '' .

1

3/1/2022

Partner

Norway

Norfund Partners with Norsk Solar to meet growing demand for renewable power in Vietnam - Norfund

The investment establishes a new partnership between Norfund , Norsk Solar and Finnfund and gives Norfund a 35 percent ownership stake in one of the largest single-client rooftop solar PV systems in Vietnam .

1

11/3/2021

Partner

Australia, United Kingdom, and Finland

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10

11/3/2021

Partner

Japan

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10

Date

6/23/2022

3/3/2022

3/1/2022

11/3/2021

11/3/2021

Type

Partner

Partner

Partner

Partner

Partner

Business Partner

Country

Norway

United Kingdom

Norway

Australia, United Kingdom, and Finland

Japan

News Snippet

British International Investment to invest up to $200 million in African hydropower alongside Norfund and Scatec - Scatec

We are delighted to be able to join forces with BII in our partnership with Scatec , to further scale up our ability to provide clean and affordable energy through hydropower , enabling economic development and job creation , while avoiding emissions . ''

Norfund and CDC Group join forces to back renewable power development in South Africa - Norfund

H1 hopes that the partnership fostered with Norfund and CDC Group can be replicated with other players and projects in Sub-Saharan Africa '' .

Norfund Partners with Norsk Solar to meet growing demand for renewable power in Vietnam - Norfund

The investment establishes a new partnership between Norfund , Norsk Solar and Finnfund and gives Norfund a 35 percent ownership stake in one of the largest single-client rooftop solar PV systems in Vietnam .

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Sources

2

1

1

10

10

Norfund Team

6 Team Members

Norfund has 6 team members, including current Chief Executive Officer, Per Emil Lindoe.

Name

Work History

Title

Status

Per Emil Lindoe

Chief Executive Officer

Current

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Name

Per Emil Lindoe

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Work History

Title

Chief Executive Officer

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Status

Current

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