Norwegian sovereign investment fund for developing countries.
Based on observed investment behaviour: 16 recorded deals
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Describe your need: the target list shows, for each source of capital, why it fits and which deals prove it.
Criteria published by the fund, recorded and checked by Invest Matching.
* added from its deals
Recent public deals: they say better than a thesis what the fund actually signs.
Activity : Water and sanitation
Instrument : ZAR 160m investment from Norfund, alongside a follow-on from E Squared Investments
Mining catchment rehabilitation, municipal wastewater reuse.
Co-investors E Squared (Follow-on)
Source : norfund.noN1 · Primary source · Other sources : Engineering News
Agreements signed at the World Bank Group and IMF Spring Meetings (April 2026); a second wave of developers is being prepared (Ashipa, Eauxwell, Ignite, Maskh, Nayo, Paras).
Co-investor alongside IFC (International Finance Corporation)
Activity : Mini-grids and rural electrification
Instrument : Revolving facility of up to US$83.2m from IFC and Norfund, blending concessional and commercial capital; 315 mini-grids, total cost US$271m
Solar-hybrid mini-grids in rural and peri-urban areas (DARES programme, US$750m World Bank).
Why they invested
Source : ecofinagency.comN2 · Cross-checked (2+ outlets) · Other sources : The Guardian Nigeria, Daily Trust
Activity : Storage and batteries
MOPO, a UK-based clean energy company, has raised £5m (USD 6.7 million) from Norfund, the Norwegian government’s development finance institution.
Source : launchbaseafrica.com
Activity : Renewable power plants: solar, wind, hydro, geothermal, biogas
Vehicle : Climate Investment Fund
Green Create treats industrial wastewater and agricultural waste to produce biogas and reduce pressure on municipal treatment infrastructure and landfills.
Why they invested
Co-investors Infra Impact
Source : norfund.noN1 · Primary source
Activity : Off-grid solar and solar kits
Sun King Secures $156M Kenyan Debt Facility, Tightening its Grip on Africa’s Off-Grid Solar Market.
Source : launchbaseafrica.com
Co-investor alongside British International Investment
Activity : Payments and mobile money
Wave, one of Africa’s most valuable startups, has raised a $137 million debt round to bolster its working capital and drive expansion across existing and new markets.
Co-investors Finnfund, Rand Merchant Bank
Source : techcabal.com
Activity : B2B e-commerce
OmniRetail operates a technology platform connecting suppliers, distributors, retailers and logistics partners while providing credit, product delivery and digital payments to small shops.
Why they invested
Co-investors Alitheia Capital, Goodwell Investments
Source : norfund.noN1 · Primary source
Co-investor alongside CardinalStone
Activity : Off-grid solar and solar kits
Nigeria’s Arnergy Raises $18M to Scale Solar Lease Plans as Fuel and Grid Costs Soar.
Co-investors All On, Breakthrough Energy Ventures, British International Investment, EDFI Management Company, ElectriFI
Source : launchbaseafrica.com
Activity : Livestock and animal production
Irvine's produces chicks, chicken and poultry feed and is expanding its operations in Kenya and Tanzania.
Why they invested
Source : reports.norfund.no
Activity : Off-grid solar and solar kits
Credits: Candi Solar Candi Solar, a Switzerland-based renewable energy company with a strong presence in Asia and Africa, has rece
Co-investors Kyuden International, STOA
Source : launchbaseafrica.com
Activity : Waste and recycling
Instrument : Prêt convertible de 2 M EUR · Vehicle : Frontier Facility
Wecyclers collects and recycles plastic waste in Nigeria and is developing a new PET bottle recycling plant.
Why they invested
Source : norfund.noN1 · Primary source
Activity : Plastics and packaging
Miniplast manufactures plastic products and develops recycling operations in Accra, Kumasi and Tamale.
Why they invested
Source : norfund.noN1 · Primary source
Activity : Cocoa, coffee and export crops
OH Ecosystems develops cocoa processing and confectionery businesses in Africa and acquired a majority stake in FTN Cocoa Processors in Nigeria.
Why they invested
Source : norfund.noN1 · Primary source
Activity : Plastics and packaging
Nouvelle Mici Embaci manufactures corrugated packaging and polypropylene bags and provides industrial printing services in Francophone West Africa.
Why they invested
Co-investors AFIG Funds
Source : norfund.noN1 · Primary source
Activity : Food processing
Instrument : Dette convertible de 80 M ZAR
Synercore manufactures, formulates and distributes food ingredients to fast-moving consumer goods companies in South Africa and Africa.
Why they invested
Source : norfund.noN1 · Primary source
Co-investor alongside IFC (International Finance Corporation)
Activity : Payments and mobile money
Instrument : Financement de 90 M EUR, dont 25 M EUR pour compte propre d'IFC
Wave operates mobile-money services in Senegal and Côte d'Ivoire. The financing supports operational expansion, broader product offerings and customer growth.
Why they invested
Co-investors BlueOrchard, Finnfund, Lendable, responsAbility, Symbiotics
Source : ifc.orgN1 · Primary source
Norfund invests tickets ranging from 5 M$ to 156 M$, across the following sectors: Energy, Financial services, Agribusiness, Manufacturing, E-commerce, Water & environment, and Fintech, in the following areas: East Africa, West Africa, Southern Africa, Ghana, Kenya, and Uganda. Check in 30 seconds whether your company fits these criteria.
