Investments
52Portfolio Exits
1Funds
1Partners & Customers
10About 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.
Latest Norfund News
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.
Norfund Investments Activity
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 | |||||
7/18/2023 | Convertible Note |
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 | ||
Amount | $7.5M | $10M | |||
New? | Yes | Yes | Yes | ||
Co-Investors | |||||
Sources | 4 | 2 | 5 |
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 | 7 |
Date | 9/22/2022 |
|---|---|
Exit | Merger |
Companies | |
Valuation | |
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 | Acq - Fin | 4 | ||||
3/25/2022 | ||||||
4/22/2020 | ||||||
4/3/2018 |
Date | 7/3/2023 | 3/25/2022 | 4/22/2020 | 4/3/2018 |
|---|---|---|---|---|
Investment Stage | ||||
Companies | ||||
Valuation | ||||
Total Funding | ||||
Note | Acq - Fin | |||
Sources | 4 |
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 | 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 | ||||
11/3/2021 | Partner |
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 | ||
News Snippet | 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 . | ||
Sources | 2 | 1 | 1 |
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 | |
Name | Per Emil Lindoe | ||||
|---|---|---|---|---|---|
Work History | |||||
Title | Chief Executive Officer | ||||
Status | Current |
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