Norfund cannot invest without partners, and may not normally have a holding of more than 35 per cent in a company. We are not required to invest with Norwegian partners, but elect this option when there are sound industrial reasons for doing so. We also want to involve more Norwegian investors in our projects to provide a further supply of capital to markets where we find high returns.

Of today’s portfolio, 55 per cent are joint investments with Norwegian partners (in NOK), distributed among 13 of our 85 projects. The reason for this high share of invested capital compared to the number of projects is that our by far largest investment, SN Power, is a joint venture with Statkraft. The Norwegian partners include (investment in brackets):

• Statkraft (SN Power Invest)

• Ferd, Vital/DnB NOR, KLP and Storebrand (NMI)

• TrønderEnergi og BKK (Agua Imara)

• TrønderEnergi (Bugoye)

• Strømmestiftelsen (Brac Africa Microfinance)

We also very often invest jointly with other Development Finance Institutions (DFIs), particularly in SME funds and financial institutions. They are good partners for us because we have developed close relations and cooperation, and we share the goal of development effects. We have invested with other DFIs in 53 of our projects.