{"id":276,"date":"2021-04-27T15:57:27","date_gmt":"2021-04-27T13:57:27","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2020\/?page_id=276"},"modified":"2023-09-04T10:47:06","modified_gmt":"2023-09-04T08:47:06","slug":"portfolio","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2020\/year-2020\/portfolio\/","title":{"rendered":"Portfolio overview"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p class=\"has-ingress-font-size\">By year end 2020, Norfund had committed investments totaling NOK 28.4 billion in 170 projects. Almost half of the portfolio is invested in clean energy projects.<\/p>\n\n\n\n<p>Norfund\u2019s yearly investment activity has increased significantly since inception, with 2020 reaching an all-time high. <\/p>\n\n\n\n<p>At of end of 2020, committed capital is higher than the cash available. However, the <a href=\"https:\/\/reports.norfund.no\/annualreport-2020\/year-2020\/key-events\/historic-circulation-of-capital-through-sale-of-sn-power\/\">exit from SN Power<\/a> has released NOK 10.9 billion, which is to be deployed in the years ahead in new, development-promoting investments. Emphasis will be on investment in renewable energy. Settlement and transfer of the SN Power shares took place in January 2021, and the realised gain will therefore be recorded in 2021.<\/p>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-portfolio-since-inception\">Portfolio since inception<\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"619\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/2\/2021\/05\/Norfunds_portfolio_since_inception_6-1024x619.png\" alt=\"\" class=\"wp-image-3617\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2020\/wp-content\/uploads\/sites\/2\/2021\/05\/Norfunds_portfolio_since_inception_6-1024x619.png 1024w, https:\/\/reports.norfund.no\/annualreport-2020\/wp-content\/uploads\/sites\/2\/2021\/05\/Norfunds_portfolio_since_inception_6-300x181.png 300w, https:\/\/reports.norfund.no\/annualreport-2020\/wp-content\/uploads\/sites\/2\/2021\/05\/Norfunds_portfolio_since_inception_6-768x465.png 768w, https:\/\/reports.norfund.no\/annualreport-2020\/wp-content\/uploads\/sites\/2\/2021\/05\/Norfunds_portfolio_since_inception_6-1536x929.png 1536w, https:\/\/reports.norfund.no\/annualreport-2020\/wp-content\/uploads\/sites\/2\/2021\/05\/Norfunds_portfolio_since_inception_6-2048x1239.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><br><em>* Norfund changed the presentation of its accounts in 2019. Figures for 2018 have been adjusted accordingly. Preadjusted figures for 2018 are presented in lighter tints<\/em>.<\/figcaption><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h2 class=\"wp-block-heading\" id=\"h-priority-investment-areas\">Priority investment areas<\/h2>\n\n\n\n<p>Norfund invests in four areas where the potential for development impact is substantial and that are aligned with the SDGs: Clean Energy, Financial Institutions, Scalable Enterprises and Green Infrastructure*. <\/p>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"h-portfolio-per-investment-area-mnok\">Portfolio per investment area (MNOK)<\/h3>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-2\">\n<div class=\"wp-block-column is-layout-flow\"><script type=\"text\/javascript\">\ngoogle.charts.load(\"current\", {packages:[\"corechart\"]});\n\nif ( screen.width < 800 ) {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonuttotalportofolioperinvestmentarea20206aee27c95062f( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonuttotalportofolioperinvestmentarea20206aee27c95062f( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonuttotalportofolioperinvestmentarea20206aee27c95062f( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Clean Energy', 12865],['Scalable Enterprises', 6320],['Financial Institutions', 9168]\t]);\n\n\t\tlet options = {\n\t\tpieSliceText: 'percentage',\n\t\tpieSliceTextStyle: {\n\t\t\tfontSize: customSliceFontSize,\n\t\t\tbold: true,\n\t\t},\n\t\tpieHole: 0.6,\n\t\tslices: [{\"color\":\"#94CCC5\"},{\"color\":\"#00ADB6\"},{\"color\":\"#6169AD\"}],\n\t\t\t\tlegend: {\n\t\t\t'position': 'bottom',\n\t\t\t'alignment': 'center',\n\t\t\ttextStyle: {\n\t\t\t\tfontSize: customFontSize,\n\t\t\t}\n\t\t},\n\t\tchartArea: { 'width': '100%', 'height': '80%' },\n\t\t\t\tfontName: 'Merriweather Sans',\n\t};\n\n\tlet chart = new google.visualization.PieChart(document.getElementById('donuttotalportofolioperinvestmentarea20206aee27c95062f'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonuttotalportofolioperinvestmentarea20206aee27c95062f( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonuttotalportofolioperinvestmentarea20206aee27c95062f( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donuttotalportofolioperinvestmentarea20206aee27c95062f svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donuttotalportofolioperinvestmentarea20206aee27c95062f {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donuttotalportofolioperinvestmentarea20206aee27c95062f\"><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<p>*Green Infrastructure is a new investment area and the first investment was made in 2021. <\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/2\/2021\/05\/worker-at-SN-Power-edited-scaled.jpg\" alt=\"\" class=\"wp-image-3633\"\/><\/figure>\n\n\n\n<div class=\"wp-block-group alignwide is-style-default\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h2 class=\"is-style-default wp-block-heading\" id=\"h-key-performance-indicators-kpis-for-norfund-s-portfolio\">Key Performance Indicators (KPIs) for Norfund's portfolio<\/h2>\n\n\n\n<p>Four Key Performance Indicators are defined for Norfund's portfolio.<\/p>\n\n\n\n<h2 class=\"is-style-line wp-block-heading\" id=\"h-least-developed-countries-33\">Least Developed Countries &gt;33% <\/h2>\n\n\n\n<p>The scarcity of capital available in Least Developed Countries (LDC) means the needs for our investments are high. 39% of Norfund's total portfolio is in these markets. <\/p>\n\n\n\n<div class=\"wp-block-norfund-key-figures alignfull\"><div class=\"block-inner\"><div class=\"norfund-key-figure-item\" data-key=\"0\"><div class=\"norfund-key-figure-number\">39%<\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"39\"><\/div><\/div><p class=\"norfund-key-figure-text\">Total portfolio in LDCs<\/p><\/div><\/div><\/div>\n\n\n\n<h2 class=\"is-style-line wp-block-heading\" id=\"h-sub-saharan-africa-50\">Sub-Saharan Africa &gt;50%<\/h2>\n\n\n\n<p>Well in line with Norfund\u2019s strategic target, 51 percent of all commitments in 2020 were in Sub-Saharan Africa. Investments in Sub-Saharan Africa now account for 55 percent of Norfund\u2019s total portfolio.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-7\">\n<div class=\"wp-block-column is-layout-flow\"><script type=\"text\/javascript\">\ngoogle.charts.load(\"current\", {packages:[\"corechart\"]});\n\nif ( screen.width < 800 ) {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutportofolio8211prioritygeographicalregions8211totalportofolio6aee27c951079( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutportofolio8211prioritygeographicalregions8211totalportofolio6aee27c951079( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonutportofolio8211prioritygeographicalregions8211totalportofolio6aee27c951079( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Africa', 15450],['Asia', 8977],['Latin America', 3567]\t]);\n\n\t\tlet options = {\n\t\tpieSliceText: 'percentage',\n\t\tpieSliceTextStyle: {\n\t\t\tfontSize: customSliceFontSize,\n\t\t\tbold: true,\n\t\t},\n\t\tpieHole: 0.6,\n\t\tslices: [{\"color\":\"#375172\"},{\"color\":\"#A3B8D3\"},{\"color\":\"#7594BC\"}],\n\t\t\t\tlegend: {\n\t\t\t'position': 'bottom',\n\t\t\t'alignment': 'center',\n\t\t\ttextStyle: {\n\t\t\t\tfontSize: customFontSize,\n\t\t\t}\n\t\t},\n\t\tchartArea: { 'width': '100%', 'height': '80%' },\n\t\t\t\tfontName: 'Merriweather Sans',\n\t};\n\n\tlet chart = new google.visualization.PieChart(document.getElementById('donutportofolio8211prioritygeographicalregions8211totalportofolio6aee27c951079'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonutportofolio8211prioritygeographicalregions8211totalportofolio6aee27c951079( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonutportofolio8211prioritygeographicalregions8211totalportofolio6aee27c951079( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donutportofolio8211prioritygeographicalregions8211totalportofolio6aee27c951079 svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donutportofolio8211prioritygeographicalregions8211totalportofolio6aee27c951079 {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donutportofolio8211prioritygeographicalregions8211totalportofolio6aee27c951079\"><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"is-style-line wp-block-heading\" id=\"h-greenfield-15-of-three-years-moving-average\"><strong>Greenfield &gt;15% of three years\u2019 moving average<\/strong><\/h2>\n\n\n\n<p>Investments in new power plants, startups and first-generation funds are classified as greenfield investments. Greenfield investments often carry high risk, but may be particularly important to development. The greenfield KPI is different to the other KPIs. This is a floating average of commitments over the past three years and not a portfolio level measure.<\/p>\n\n\n\n<div class=\"wp-block-norfund-key-figures alignfull\"><div class=\"block-inner\"><div class=\"norfund-key-figure-item\" data-key=\"0\"><div class=\"norfund-key-figure-number\">14%<\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"14\"><\/div><\/div><p class=\"norfund-key-figure-text\">Total portfolio in greenfield<\/p><\/div><\/div><\/div>\n\n\n\n<h2 class=\"is-style-line wp-block-heading\" id=\"h-equity-and-indirect-equity-70\"><strong>Equity and indirect equity &gt;70%<\/strong><\/h2>\n\n\n\n<p>Norfund provides capital in the form of equity, debt and fund investments. Preference is given to equity investments \u2013 both direct investments and through funds \u2013 because in most developing countries equity is the scarcest type of capital available to enterprises. In 2020,a larger proportion of the investments than normal were loans (44%). This was a result of the challenging and uncertain situation due to COVID-19, which made companies more reluctant to accept equity investments.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-10\">\n<div class=\"wp-block-column is-layout-flow\"><script type=\"text\/javascript\">\ngoogle.charts.load(\"current\", {packages:[\"corechart\"]});\n\nif ( screen.width < 800 ) {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutportofolio8211prioritytoequity8211totalportfolio6aee27c95159b( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutportofolio8211prioritytoequity8211totalportfolio6aee27c95159b( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonutportofolio8211prioritytoequity8211totalportfolio6aee27c95159b( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Equity', 60],['Indirect equity (funds)', 19],['Loans', 21]\t]);\n\n\t\tlet options = {\n\t\tpieSliceText: 'percentage',\n\t\tpieSliceTextStyle: {\n\t\t\tfontSize: customSliceFontSize,\n\t\t\tbold: true,\n\t\t},\n\t\tpieHole: 0.6,\n\t\tslices: [{\"color\":\"#375172\"},{\"color\":\"#7594BC\"},{\"color\":\"#A3B8D3\"}],\n\t\t\t\tlegend: {\n\t\t\t'position': 'bottom',\n\t\t\t'alignment': 'center',\n\t\t\ttextStyle: {\n\t\t\t\tfontSize: customFontSize,\n\t\t\t}\n\t\t},\n\t\tchartArea: { 'width': '100%', 'height': '80%' },\n\t\t\t\tfontName: 'Merriweather Sans',\n\t};\n\n\tlet chart = new google.visualization.PieChart(document.getElementById('donutportofolio8211prioritytoequity8211totalportfolio6aee27c95159b'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonutportofolio8211prioritytoequity8211totalportfolio6aee27c95159b( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonutportofolio8211prioritytoequity8211totalportfolio6aee27c95159b( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donutportofolio8211prioritytoequity8211totalportfolio6aee27c95159b svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donutportofolio8211prioritytoequity8211totalportfolio6aee27c95159b {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donutportofolio8211prioritytoequity8211totalportfolio6aee27c95159b\"><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-teft-link-list\"><div class=\"teft-link-list__items\">\n<div class=\"wp-block-teft-link-list-item\"><a class=\"teft-link-list-item__holder\" href=\"https:\/\/reports.norfund.no\/annualreport-2020\/year-2020\/key-figures\/\"><div class=\"teft-link-list-item__content\"><div class=\"teft-link-list-item__content-inner\"><div class=\"teft-link-list-item__content-wrapper\"><h3 class=\"teft-link-list-item__title\">Key Figures for 2020<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-norfund-investment-portfolio-overview\">Norfund investment portfolio overview <\/h2>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-as-of-31-12-2020\">(as of 31.12.2020)<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n","protected":false},"excerpt":{"rendered":"<p>By year end 2020, Norfund had committed investments totaling NOK 28.4 billion in 170 projects. Almost half of the portfolio is invested in clean energy projects. Norfund\u2019s yearly investment activity has increased significantly since inception, with 2020 reaching an all-time high. At of end of 2020, committed capital is higher than the cash available. However, [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":0,"parent":1303,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"norfund_header_layout":"hero","norfund_header_layout_image_id":7,"norfund_header_layout_image_focal_point_x":0.5,"norfund_header_layout_image_focal_point_y":0.5,"norfund_header_layout_suptitle":"","norfund_header_layout_subtitle":"","norfund_header_layout_title":"Portfolio overview","teft_cards_image_id":0,"teft_cards_image_focal_point_x":0,"teft_cards_image_focal_point_y":0,"teft_cards_title":"","teft_cards_excerpt":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Portfolio overview | Annual report 2020<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reports.norfund.no\/annualreport-2020\/year-2020\/portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portfolio overview | Annual report 2020\" \/>\n<meta property=\"og:description\" content=\"By year end 2020, Norfund had committed investments totaling NOK 28.4 billion in 170 projects. Almost half of the portfolio is invested in clean energy projects. Norfund\u2019s yearly investment activity has increased significantly since inception, with 2020 reaching an all-time high. At of end of 2020, committed capital is higher than the cash available. 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