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Norfund invests on commercial terms. We are an active investor, offering patient long-term capital.
Norfund invests in sustainable and profitable private companies and projects in developing countries (ODA-eligible), operating within our defined sectors and geographies.
Through local presence we seek solutions designed for the countries in which we invest. As a minority investor, we seek to mobilize capital and attract other competent investors to our projects.
We help our investees achieve high standards of governance and environmental and social performance.
We strive to be lean and efficient, with short decision-making processes.
Norfund’s investment areas
Renewable Energy
- Solar, wind, hydropower, biomass, geothermal, energy storage and transmission
- Grid-connected projects and distributed generation
- Read more about Renewable Energy
Financial Inclusion
- Commercial banks, microfinance, fintech, insurance and leasing
- Equity and debt to bank and non-bank financial institutions
- Read more about Financial Inclusion
Scalable Enterprises
- Agribusiness value chain, manufacturing and funds
- Growing companies and creating jobs
- Read more about Scalable Enterprises
Green Infrastructure
- Water, wastewater and waste management, including waste-to-energy
- Improving essential infrastructure services
- Read more about Green Infrastructure
Where we invest

The capital products that we offer
Equity
- Ticket size from USD 5-50 million, with a maximum ownership share of 35 %
- Active ownership, often taking a board position, providing expertise and support
- Investment horizon of five to ten years
Mezzanine financing
- A hybrid between equity and debt, offering flexible repayment terms
Loans
- Senior and subordinated loans from USD 5 million
- Maturity from 3-10 years, in USD, EUR or local currency
Funds
- Larger, often pan-regional funds that invest in relatively large companies
- Small and Medium Sized Enterprises Funds
- Impact and Venture Funds
- Investment horizon around ten years
Business Support
Norfund does not provide grants. However, we may provide technical assistance through our Business Support to companies that we have already invested in, to enhance the sustainability and development effects of the investments. The portfolio companies will usually cover 50% of the project costs.