{"id":6553,"date":"2023-04-18T12:14:29","date_gmt":"2023-04-18T10:14:29","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2022\/?page_id=6553"},"modified":"2023-05-24T12:43:52","modified_gmt":"2023-05-24T10:43:52","slug":"frontier-facility","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2022\/development-mandate\/frontier-facility\/","title":{"rendered":"Frontier Facility"},"content":{"rendered":"\n<p class=\"has-ingress-font-size\">The Frontier Facility (formerly known as Project Development and Risk Mitigation facility) is managed as a separate facility and has a specific mandate set out by the MFA.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/5\/2023\/05\/52081020237_d3ff4c5e28_k-1024x768.jpg\" alt=\"\" class=\"wp-image-7468\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/05\/52081020237_d3ff4c5e28_k-1024x768.jpg 1024w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/05\/52081020237_d3ff4c5e28_k-300x225.jpg 300w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/05\/52081020237_d3ff4c5e28_k-768x576.jpg 768w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/05\/52081020237_d3ff4c5e28_k-1536x1152.jpg 1536w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/05\/52081020237_d3ff4c5e28_k.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-facility-serves-two-purposes\"><strong>The facility serves two purposes:<\/strong><\/h3>\n\n\n\n<ul><li>Enabling early phase project development within Norfund\u2019s investment areas<\/li><li>Risk mitigation for commercial investors that wish to invest in Norfund funded projects, throughout the project cycle<\/li><\/ul>\n\n\n\n<p>The Frontier Facility is primarily used for projects that have a risk level which is higher than other investments in Norfund\u2019s core portfolio and to be used in our most demanding markets &#8211; in particular fragile states and Least Developed Countries (LDCs). These projects are therefore managed as a separate facility and are not included in Norfund\u2019s overall portfolio valuation.<\/p>\n\n\n\n<p>In 2022, we approved two new projects, of which one was committed. In addition, Norfund successfully converted one of its Frontier investments into equity (see below). To optimize the Frontier mandate, we developed a new strategy for the facility, indicating our ambition to use this funding for fragile states and project development within Green Infrastructure.<\/p>\n\n\n\n<p>Through the facility we committed to an investment in a pilot fund, the Katapult Africa Seed Fund. This fund is expected to fund and assist African start-ups within agri-tech and climate-tech.<\/p>\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\/norfund-and-sos-childrens-villages-invest-in-african-startups\/\"><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\">Norfund and SOS Children\u2019s Villages invest in African startups<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n<p>For a more comprehensive overview of the facility and active portfolio please r<a href=\"https:\/\/reports.norfund.no\/our-investments\/all-investments\/\">efer to the Norfund website.<\/a><\/p>\n\n\n\n<div class=\"wp-block-norfund-fact-box\"><h3 class=\"norfund-fact-box__title\">Empower<\/h3><div class=\"norfund-fact-box__content\">\n<p>Empower was established in 2017 with a strategy to provide equity financing for smaller 1-10 MW clean energy projects across sub-Saharan Africa. Such projects (below 10 MW) have historically been too small for international developers and providers of non-resource project finance.<\/p>\n\n\n\n<p>Empower closed its first funding round in September 2019, with EDFI MC\u2019s ElectriFi as a cornerstone investor together with Norfund though the Frontier Facility. Other investors consist of Norwegian\/European corporate and private investors.<\/p>\n\n\n\n<p>This seed capital from Frontier was used to demonstrate Empower\u2019s business and financial concept, aiming to finance the underlying pipeline of renewable energy projects.<\/p>\n\n\n\n<p>Norfund has been an active investor during this initial phase \u2013 with participation in the investment committee and Board through an external representative as well as a shareholder.<\/p>\n\n\n\n<p>&nbsp;In 2022, Norfund continued its support to Empower as it closed its second funding round. This follow-on investment meant a first successful exit through the Frontier Facility.<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Frontier Facility (formerly known as Project Development and Risk Mitigation facility) is managed as a separate facility and has a specific mandate set out by the MFA. The facility serves two purposes: Enabling early phase project development within Norfund\u2019s investment areas Risk mitigation for commercial investors that wish to invest in Norfund funded projects, [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":7468,"parent":1309,"menu_order":6,"comment_status":"closed","ping_status":"closed","template":"","meta":{"norfund_header_layout":"","norfund_header_layout_image_id":0,"norfund_header_layout_image_focal_point_x":0,"norfund_header_layout_image_focal_point_y":0,"norfund_header_layout_suptitle":"","norfund_header_layout_subtitle":"","norfund_header_layout_title":"","teft_cards_image_id":7468,"teft_cards_image_focal_point_x":0.5,"teft_cards_image_focal_point_y":0.5,"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>Frontier Facility | Annual Report 2022<\/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-2022\/development-mandate\/frontier-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Frontier Facility | Annual Report 2022\" \/>\n<meta property=\"og:description\" content=\"The Frontier Facility (formerly known as Project Development and Risk Mitigation facility) is managed as a separate facility and has a specific mandate set out by the MFA. 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