{"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":"2023-09-04T10:47:58","modified_gmt":"2023-09-04T08:47:58","slug":"portfolio","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2021\/year-2021\/portfolio\/","title":{"rendered":"Portfolio overview"},"content":{"rendered":"\n<p class=\"has-ingress-font-size\">By year end 2021, Norfund had committed investments totalling 26.9 billion NOK in 195 projects. In 2021 Clean Energy made up over a third of investments. It was also the first year a Green Infrastructure investment was made.&nbsp;<\/p>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<h2 class=\"has-text-align-center 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=\"717\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfunds_portfolio_since_inception_97-21-1-1024x717.png\" alt=\"\" class=\"wp-image-5484\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfunds_portfolio_since_inception_97-21-1-1024x717.png 1024w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfunds_portfolio_since_inception_97-21-1-300x210.png 300w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfunds_portfolio_since_inception_97-21-1-768x538.png 768w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfunds_portfolio_since_inception_97-21-1-1536x1076.png 1536w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfunds_portfolio_since_inception_97-21-1-2048x1434.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><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 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\tdrawChartdonuttotalportfolioperinvestmentarea20216ad48f2c41cf6( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonuttotalportfolioperinvestmentarea20216ad48f2c41cf6( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonuttotalportfolioperinvestmentarea20216ad48f2c41cf6( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Clean Energy', 9912],['Scalable Enterprises', 7754],['Financial Institutions', 9241],['Green Infrastructure', 18]\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\"},{\"color\":\"#028977\"}],\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('donuttotalportfolioperinvestmentarea20216ad48f2c41cf6'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonuttotalportfolioperinvestmentarea20216ad48f2c41cf6( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonuttotalportfolioperinvestmentarea20216ad48f2c41cf6( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donuttotalportfolioperinvestmentarea20216ad48f2c41cf6 svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donuttotalportfolioperinvestmentarea20216ad48f2c41cf6 {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donuttotalportfolioperinvestmentarea20216ad48f2c41cf6\"><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<p><\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/05\/Komaza-Lumber-2-of-27-1024x683.jpg\" alt=\"\" class=\"wp-image-5303\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Komaza-Lumber-2-of-27-1024x683.jpg 1024w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Komaza-Lumber-2-of-27-300x200.jpg 300w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Komaza-Lumber-2-of-27-768x512.jpg 768w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Komaza-Lumber-2-of-27-1536x1024.jpg 1536w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Komaza-Lumber-2-of-27-2048x1365.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/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. 40% of Norfund's total portfolio is in these markets.&nbsp;<\/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\">40%<\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"40\"><\/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>In line with Norfund\u2019s strategic target, 50% of all commitments in 2021 were in Sub-Saharan Africa. The sale of SN Power caused a drop in the share of our investments in Asia, and is hence the main reason for the increase in the share in Sub-Saharan Africa, from 54% in 2020 to 65% in 2021.<\/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\">\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\">65%<\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"65\"><\/div><\/div><p class=\"norfund-key-figure-text\">Investments in Sub-Saharan Africa<\/p><\/div><\/div><\/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\">22%<\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"22\"><\/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.&nbsp;<\/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\tdrawChartdonutportfolio8211prioritytoequity8211totalportfolio6ad48f2c42ccb( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutportfolio8211prioritytoequity8211totalportfolio6ad48f2c42ccb( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonutportfolio8211prioritytoequity8211totalportfolio6ad48f2c42ccb( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Equity', 13316],['Indirect equity (funds)', 6798],['Loans', 6810]\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('donutportfolio8211prioritytoequity8211totalportfolio6ad48f2c42ccb'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonutportfolio8211prioritytoequity8211totalportfolio6ad48f2c42ccb( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonutportfolio8211prioritytoequity8211totalportfolio6ad48f2c42ccb( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donutportfolio8211prioritytoequity8211totalportfolio6ad48f2c42ccb svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donutportfolio8211prioritytoequity8211totalportfolio6ad48f2c42ccb {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donutportfolio8211prioritytoequity8211totalportfolio6ad48f2c42ccb\"><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignwide\"><div class=\"wp-block-group__inner-container is-layout-flow\">\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-2021\/year-2021\/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 2021<\/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-31-12-2021\">(as of 31.12.2021)<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-teft-cards alignwide teft-cards-grid default-size-4\"><div class=\"teft-cards-item has-6-columns is-card-default\">\n\t<div class=\"teft-card\">\n\t\t<a href=\"https:\/\/reports.norfund.no\/annualreport-2021\/investments-areas\/financial-institutions\/financial-institutions-portfolio-2021\/\" class=\"teft-card__primary-action\">\n\t\t\t<div class=\"teft-card__media teft-card__media--16-9\"><img width=\"768\" height=\"456\" src=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Equity-Bank-7-768x456.jpg\" class=\"teft-card__media-image\" alt=\"\" decoding=\"async\" loading=\"lazy\" style=\"object-position:50% 50%;\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Equity-Bank-7-768x456.jpg 768w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Equity-Bank-7-300x178.jpg 300w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Equity-Bank-7-1024x609.jpg 1024w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Equity-Bank-7-1536x913.jpg 1536w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Equity-Bank-7-2048x1217.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n\t\t\t<div class=\"teft-card__primary\">\n\t\t\t\t<h2 class=\"teft-card__title\">Portfolio overview 2021 - Financial institutions (table)<\/h2>\t\t\t<\/div>\n\n\t\t\t<div class=\"teft-card__secondary\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/div>\n\n\t<\/div>\n\n<div class=\"teft-cards-item has-6-columns is-card-default\">\n\t<div class=\"teft-card\">\n\t\t<a href=\"https:\/\/reports.norfund.no\/annualreport-2021\/investments-areas\/clean-energy-2\/clean-energy-portfolio-2021\/\" class=\"teft-card__primary-action\">\n\t\t\t<div class=\"teft-card__media teft-card__media--16-9\"><img width=\"768\" height=\"432\" src=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/50519165138_b5ad4285ec_k-768x432.jpg\" class=\"teft-card__media-image\" alt=\"\" decoding=\"async\" loading=\"lazy\" style=\"object-position:50% 50%;\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/50519165138_b5ad4285ec_k-768x432.jpg 768w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/50519165138_b5ad4285ec_k-300x169.jpg 300w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/50519165138_b5ad4285ec_k-1024x576.jpg 1024w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/50519165138_b5ad4285ec_k-1536x864.jpg 1536w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/50519165138_b5ad4285ec_k.jpg 1920w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n\t\t\t<div class=\"teft-card__primary\">\n\t\t\t\t<h2 class=\"teft-card__title\">Portfolio overview 2021 - Clean energy (table)<\/h2>\t\t\t<\/div>\n\n\t\t\t<div class=\"teft-card__secondary\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/div>\n\n\t<\/div>\n\n<div class=\"teft-cards-item has-6-columns is-card-default\">\n\t<div class=\"teft-card\">\n\t\t<a href=\"https:\/\/reports.norfund.no\/annualreport-2021\/investments-areas\/scalable-enterprises\/funds-portfolio-2021\/\" class=\"teft-card__primary-action\">\n\t\t\t<div class=\"teft-card__media teft-card__media--16-9\"><img width=\"768\" height=\"432\" src=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/51846110753_edd6291193_k-768x432.jpg\" class=\"teft-card__media-image\" alt=\"\" decoding=\"async\" loading=\"lazy\" style=\"object-position:29% 64%;\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/51846110753_edd6291193_k-768x432.jpg 768w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/51846110753_edd6291193_k-300x169.jpg 300w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/51846110753_edd6291193_k-1024x576.jpg 1024w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/51846110753_edd6291193_k-1536x864.jpg 1536w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/51846110753_edd6291193_k.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n\t\t\t<div class=\"teft-card__primary\">\n\t\t\t\t<h2 class=\"teft-card__title\">Portfolio overview 2021 - Scalable enterprises - funds (table)<\/h2>\t\t\t<\/div>\n\n\t\t\t<div class=\"teft-card__secondary\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/div>\n\n\t<\/div>\n\n<div class=\"teft-cards-item has-6-columns is-card-default\">\n\t<div class=\"teft-card\">\n\t\t<a href=\"https:\/\/reports.norfund.no\/annualreport-2021\/investments-areas\/scalable-enterprises\/scalable-enterprises-portfolio-direct-investments\/\" class=\"teft-card__primary-action\">\n\t\t\t<div class=\"teft-card__media teft-card__media--16-9\"><img width=\"768\" height=\"512\" src=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/IMG_0027-768x512.jpg\" class=\"teft-card__media-image\" alt=\"\" decoding=\"async\" loading=\"lazy\" style=\"object-position:50% 50%;\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/IMG_0027-768x512.jpg 768w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/IMG_0027-300x200.jpg 300w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/IMG_0027-1024x683.jpg 1024w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/IMG_0027-1536x1024.jpg 1536w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/IMG_0027-2048x1365.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n\t\t\t<div class=\"teft-card__primary\">\n\t\t\t\t<h2 class=\"teft-card__title\">Portfolio overview 2021 - Scalable enterprises -direct investments (table)<\/h2>\t\t\t<\/div>\n\n\t\t\t<div class=\"teft-card__secondary\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/div>\n\n\t<\/div>\n\n<div class=\"teft-cards-item has-4-columns is-card-default\">\n\t<div class=\"teft-card\">\n\t\t<a href=\"https:\/\/reports.norfund.no\/annualreport-2021\/investments-areas\/green-infrastructure\/green-infrastructure-portfolio-2021\/\" class=\"teft-card__primary-action\">\n\t\t\t<div class=\"teft-card__media teft-card__media--16-9\"><img width=\"768\" height=\"512\" src=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/gallery-ds-X_tEarX6svc-unsplash-2-768x512.jpg\" class=\"teft-card__media-image\" alt=\"\" decoding=\"async\" loading=\"lazy\" style=\"object-position:50% 50%;\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/gallery-ds-X_tEarX6svc-unsplash-2-768x512.jpg 768w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/gallery-ds-X_tEarX6svc-unsplash-2-300x200.jpg 300w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/gallery-ds-X_tEarX6svc-unsplash-2-1024x683.jpg 1024w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/gallery-ds-X_tEarX6svc-unsplash-2-1536x1024.jpg 1536w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/gallery-ds-X_tEarX6svc-unsplash-2-2048x1365.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n\t\t\t<div class=\"teft-card__primary\">\n\t\t\t\t<h2 class=\"teft-card__title\">Portfolio overview 2021 - Green Infrastructure (table)<\/h2>\t\t\t<\/div>\n\n\t\t\t<div class=\"teft-card__secondary\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/div>\n\n\t<\/div><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By year end 2021, Norfund had committed investments totalling 26.9 billion NOK in 195 projects. In 2021 Clean Energy made up over a third of investments. It was also the first year a Green Infrastructure investment was made.&nbsp; Portfolio since inception Priority investment areas Norfund invests in four areas where the potential for development impact [&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":5128,"norfund_header_layout_image_focal_point_x":0.48,"norfund_header_layout_image_focal_point_y":0.29,"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 | Report on Operations 2021<\/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-2021\/year-2021\/portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portfolio overview | Report on Operations 2021\" \/>\n<meta property=\"og:description\" content=\"By year end 2021, Norfund had committed investments totalling 26.9 billion NOK in 195 projects. In 2021 Clean Energy made up over a third of investments. 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