{"id":743,"date":"2021-05-03T12:54:54","date_gmt":"2021-05-03T10:54:54","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2020\/?page_id=743"},"modified":"2023-06-05T13:27:26","modified_gmt":"2023-06-05T11:27:26","slug":"renewable-energy","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2022\/development-mandate\/investment-areas\/renewable-energy\/","title":{"rendered":"Renewable Energy"},"content":{"rendered":"\n<p class=\"has-ingress-font-size\" id=\"h-clean-energy-is-the-largest-component-of-norfund-s-portfolio\"><strong><strong><strong>Increased supply and access to reliable energy enables economic growth, job creation, public services and improved living standards. The climate crisis means we must do so with low-carbon solutions.<\/strong><\/strong><\/strong><\/p>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<div class=\"wp-block-group alignfull has-gray-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"h-key-achievements-in-2022\">Key Achievements in 2022<\/h2>\n\n\n\n<div class=\"wp-block-norfund-key-figures alignfull has-gray-light-background-color has-background alternative-style\"><div class=\"block-inner\"><div class=\"norfund-key-figure-item\" data-key=\"0\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">1,073<\/div><div class=\"norfund-key-figure-number-unit\">MNOK<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">committed<\/p><\/div><div class=\"norfund-key-figure-item\" data-key=\"1\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">1,415<\/div><div class=\"norfund-key-figure-number-unit\">MW<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">new capacity financed, 100% renewable<\/p><\/div><div class=\"norfund-key-figure-item\" data-key=\"2\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">1.8<\/div><div class=\"norfund-key-figure-number-unit\">million<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">new households gained access to electricity <\/p><\/div><\/div><\/div>\n<\/div><\/div>\n\n\n<div class=\"norfund-faq is-questions-closed wp-block-teft-faq\">\n<div class=\"wp-block-teft-faq is-questions-closed\">\n\t\t<div class=\"wp-block-teft-faq-item wp-block-teft-faq-item\">\n\t\t\t<h3 class=\"teft-faq__question\">\n\t\t\t\t<button class=\"teft-faq__question-button\"><\/button>\n\t\t\t<\/h3>\n\t\t\t<p class=\"teft-faq__description\"><\/p>\n\t\t\t<p class=\"teft-faq__answer\"><\/p>\n\t\t<\/div>\n\n\n\t\t<div class=\"wp-block-teft-faq-item wp-block-teft-faq-item\">\n\t\t\t<h3 class=\"teft-faq__question\">\n\t\t\t\t<button class=\"teft-faq__question-button\"><\/button>\n\t\t\t<\/h3>\n\t\t\t<p class=\"teft-faq__description\"><\/p>\n\t\t\t<p class=\"teft-faq__answer\"><\/p>\n\t\t<\/div>\n\n\n\t\t<div class=\"wp-block-teft-faq-item wp-block-teft-faq-item\">\n\t\t\t<h3 class=\"teft-faq__question\">\n\t\t\t\t<button class=\"teft-faq__question-button\"><\/button>\n\t\t\t<\/h3>\n\t\t\t<p class=\"teft-faq__description\"><\/p>\n\t\t\t<p class=\"teft-faq__answer\"><\/p>\n\t\t<\/div><\/div>\n<\/div>\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-strategic-ambitions\">Strategic ambitions <\/h2>\n\n\n\n<p>Norfund has defined the following ambitions for the strategy period 2019-2022: <\/p>\n\n\n\n<ul><li> <strong>5,000 MW<\/strong> new capacity, of which <strong>4,000 MW<\/strong> is renewable<\/li><li> <strong>1.5 million households<\/strong> provided with access to electricity<\/li><\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"h-accumulated-achievements-2019-2021\">Accumulated achievements 2019 \u2013 2021<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-4\">\n<div class=\"wp-block-column is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"756\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/5\/2023\/06\/New_households...-1024x756.png\" alt=\"\" class=\"wp-image-7931\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_households...-1024x756.png 1024w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_households...-300x221.png 300w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_households...-768x567.png 768w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_households...-1536x1134.png 1536w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_households...-2048x1512.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"756\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/5\/2023\/06\/New_capacity...-1024x756.png\" alt=\"\" class=\"wp-image-7932\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_capacity...-1024x756.png 1024w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_capacity...-300x222.png 300w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_capacity...-768x567.png 768w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_capacity...-1536x1134.png 1536w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_capacity...-2048x1512.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\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-investments-and-results-in-2022\">Investments and Results in 2022<\/h2>\n\n\n\n<div class=\"wp-block-norfund-key-figures alignfull alternative-style\"><div class=\"block-inner\"><div class=\"norfund-key-figure-item\" data-key=\"0\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">1,073<\/div><div class=\"norfund-key-figure-number-unit\">MNOK<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">committed in 2022<\/p><\/div><div class=\"norfund-key-figure-item\" data-key=\"1\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">9,489<\/div><div class=\"norfund-key-figure-number-unit\">MNOK<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">committed in total RE portfolio<\/p><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-green-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"is-style-line wp-block-heading\" id=\"h-impact-2022\">Impact 2022<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1,415 MW increased energy supply<\/strong><\/h3>\n\n\n\n<p>In 2022, Norfund financed 1,415 MW of new electricity generation capacity.<\/p>\n\n\n\n<p>The total capacity in our portfolio was 6,593 MW, of which 1,696 MW is under construction. The power plants produced a total of 15.9 TWh of electricity, an amount close to the equivalent of the combined annual electricity consumption of Kenya, Tanzania, and Uganda. This figure is up from 13.8 TWh produced in 2021 due to new assets coming online and others with an increased production.<\/p>\n\n\n\n<p>According to our estimates on indirect job creation, around 467,000 jobs were supported by the electricity produced by the power plants in Norfund\u2019s portfolio in 2022.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>100 percent of the new capacity financed was renewable in 2022<\/strong><\/h3>\n\n\n\n<p>In 2022, 100 percent of the new capacity financed was renewable. A total of 4,936 MW of the capacity in our portfolio is renewable.<\/p>\n\n\n\n<p>Together, the renewable power plants in our current portfolio (excl. the Climate Investment Fund) produced 9.3 TWh electricity and have contributed to avoiding an estimated 6.3 million tonnes of CO2e emissions in 2022. Excluding acquired assets, the avoided emissions figure is 4.5 million tonnes CO2e. This has been calculated using the harmonized IFI approach and connected grid emission factors <a href=\"https:\/\/unfccc.int\/sites\/default\/files\/resource\/IFITWG_Methodological_approach_to_common_dataset.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">\u2018Methodological Approach for the Common Default Grid Emission Factor Dataset\u2019 (2022)<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-norfund-number-card undefined has-color-default\"><h3 class=\"norfund-number-card__title\"><\/h3><div class=\"norfund-number-card__number\"><span class=\"number\">6.3<\/span><span class=\"symbol\"><\/span><\/div><p class=\"norfund-number-card__text\">million tonnes greenhouse gas emissions avoided in 2022<\/p><\/div>\n\n\n\n<p><strong>More than 1.8 million new household connections<\/strong><\/p>\n\n\n\n<p>1,814,000 new households were provided with access to electricity through mini-grid solutions or solar home systems in 2022.<\/p>\n\n\n\n<p>Additionally, 4.1 million units of smaller solar-powered solutions, such as lanterns, were sold to households in 2022.&nbsp;<\/p>\n<\/div><\/div>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<h2 class=\"has-text-align-left wp-block-heading\" id=\"h-investments-per-region\">Investments per Region<\/h2>\n\n\n\n<div class=\"wp-block-group alignwide is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-8\">\n<div class=\"wp-block-column is-layout-flow\">\n<h4 class=\"has-text-align-center wp-block-heading\" id=\"h-investments-per-region-in-2022\">Investments per region in 2022<\/h4>\n\n\n<script type=\"text\/javascript\">\ngoogle.charts.load(\"current\", {packages:[\"corechart\"]});\n\nif ( screen.width < 800 ) {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutreinvestmentsperregionin20226aee20809d91e( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutreinvestmentsperregionin20226aee20809d91e( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonutreinvestmentsperregionin20226aee20809d91e( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Africa', 669],['Asia', 36],['Latin America', 369]\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\":\"#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('donutreinvestmentsperregionin20226aee20809d91e'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonutreinvestmentsperregionin20226aee20809d91e( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonutreinvestmentsperregionin20226aee20809d91e( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donutreinvestmentsperregionin20226aee20809d91e svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donutreinvestmentsperregionin20226aee20809d91e {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donutreinvestmentsperregionin20226aee20809d91e\"><\/div>\n\n\n\n<p><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow\">\n<h4 class=\"has-text-align-center wp-block-heading\" id=\"h-total-portfolio-per-region\">Total portfolio per region<\/h4>\n\n\n<script type=\"text\/javascript\">\ngoogle.charts.load(\"current\", {packages:[\"corechart\"]});\n\nif ( screen.width < 800 ) {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutretotalportfolioperregion20226aee20809de52( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutretotalportfolioperregion20226aee20809de52( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonutretotalportfolioperregion20226aee20809de52( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Africa', 6313],['Asia', 2148],['Latin America', 1019],['Global', 10]\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\":\"#7594BC\"},{\"color\":\"#A3B8D3\"},{\"color\":\"#F2F2F2\"}],\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('donutretotalportfolioperregion20226aee20809de52'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonutretotalportfolioperregion20226aee20809de52( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonutretotalportfolioperregion20226aee20809de52( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donutretotalportfolioperregion20226aee20809de52 svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donutretotalportfolioperregion20226aee20809de52 {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donutretotalportfolioperregion20226aee20809de52\"><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<div class=\"wp-block-group alignfull has-gray-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\" id=\"h-highlights-of-2022\">Highlights of 2022<\/h2>\n\n\n\n<h3 class=\"is-style-line wp-block-heading\" id=\"h-extending-the-investment-partnership-with-bii\"><strong>Extending the investment partnership with BII<\/strong>&nbsp;<\/h3>\n\n\n\n<p>British International Investments (BII) is the UK\u2019s development finance institution, with whom Norfund has enjoyed a close working relationship over many years across diverse sectors. In 2022 BII joined Norfund in our African hydropower joint venture with Scatec and became a shareholder with a 24% interest in this partnership. This investment by BII released USD 88m in capital back to Norfund and lays the basis for future capital commitments from each of the three partners to future hydropower developments on the continent.<\/p>\n\n\n\n<h3 class=\"is-style-line wp-block-heading\" id=\"h-construction-activities\"><strong>Construction activities<\/strong>&nbsp;<\/h3>\n\n\n\n<p>During 2022 there was considerable construction activity in the portfolio:<\/p>\n\n\n\n<ul><li>Globeleq continued the construction of the expansion at the Azito power plant in Cote d\u2019Ivoire with expected commercial operations in early 2023. Globeleq also commenced the construction of the Temane 450 MW power plant and the 19 MW Cuamba solar\/battery plant in Mozambique.<\/li><li>Serengeti Energy advanced the construction of the 21 MW Nkhotakota 1 solar power plant in Malawi, which is expected to reach commercial operations early 2023. They also initiated the construction of the 5 MW Baoma 1 solar power plant in Sierra Leone.<\/li><li>Norfund has part financed the equity requirements of H1 Capital in the Karusa and Soetwater wind projects which both were connected to the grid in 2022 bringing an additional 300 MW to South Africa.<\/li><li>Norfund is a member of the ADB led consortium financing the 77 MW Prime Road solar power plant in Cambodia. This plant is now operational.<\/li><\/ul>\n\n\n\n<h3 class=\"is-style-line wp-block-heading\" id=\"h-erco-energia\"><strong><strong>ERCO Energia<\/strong><\/strong><\/h3>\n\n\n\n<p>ERCO Energia is a leading player in the Colombian distributed energy market, providing on-site generation to commercial and industrial companies, as well as owning a stake in a renewables-based power retailer to regulated customers. Norfund provided a commitment of USD 30 million equity to the business in 2022 to support the growth of the company\u2019s activities. It represents our first energy investment in Colombia since this country was included in our investment scope.<\/p>\n\n\n\n<h3 class=\"is-style-line wp-block-heading\" id=\"h-nordic-impact-cooperation\"><strong>Nordic Impact Cooperation<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Nordic Impact Cooperation is a company jointly owned by Norsk Solar, Finnfund and Norfund. The company develops, owns and operates rooftop solar projects in Vietnam, South Africa and Brazil. Norfund committed USD 7,4 million to the company in 2022 to fund further growth.<\/p>\n\n\n\n<h3 class=\"is-style-line wp-block-heading\">CrossBoundary Energy<\/h3>\n\n\n\n<p>CrossBoundary Energy is a leading supplier of on-site power to commercial and industrial companies in Africa, including both rooftop solar as well as ground-mounted installations and small scale wind projects. In 2022 Norfund and KLP together committed USD 40million in equity to the company to finance growth.<\/p>\n\n\n\n<h3 class=\"is-style-line wp-block-heading\">Empower New Energy<\/h3>\n\n\n\n<p>Norfund was one of the founding investors in Empower New Energy \u2013 a Norwegian based financier of rooftop solar in Africa. In 2022 the company closed its second round of financing with Climate Fund Managers as the anchor investor. Norfund participated with a USD 15 million equity investment in a total USD 74 million equity raise.<\/p>\n\n\n\n<h3 class=\"is-style-line wp-block-heading\">Brighter Life Kenya 2<\/h3>\n\n\n\n<p>In 2020 Norfund joined the Development Finance Corporation in one of the first off-balance sheet receivables financing structure for the off-grid industry in \u201cBrighter Life Kenya 1\u201d. This entity purchases receivables from d.light\u2019s sales of solar home and other systems in Kenya, thereby releasing capital for further growth. In 2022, we followed up with a new receivables financing structure, Brighter Life Kenya 2, where Norfund provided local currency financing in Kenyan shillings equivalent to NOK 173 million.<\/p>\n\n\n\n<h3 class=\"is-style-line wp-block-heading\">WeLight<\/h3>\n\n\n\n<p>In 2019 Norfund joined with Sagemcom of France and the Axion Group of Madagascar to establish the company WeLight with the goal of building and operating mini-grids in Madagascar. This initial capital contribution allowed the company to pilot the business model and gain operational experience from supplying power to 35 villages. In 2022 the company launched its expansion beyond the pilot phase and successfully raised new capital from lenders, and existing shareholders, including Norfund, committed to providing additional equity in both 2022 and 2023 to support growth with the ambition to bring power to an additional 118 villages in Madagascar and expand operations into Mali.<\/p>\n<\/div><\/div>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-renewable-energy-portfolio\">Renewable Energy portfolio<\/h2>\n\n\n<div class=\"norfund-advanced-table-block-container\"><div class=\"norfund-advanced-table-block-container-inner\"><table><thead><tr class=\"\"><th class=\"is-chars\">Investment<\/th><th class=\"is-chars\">Country<\/th><th class=\"is-chars\">Investment year<\/th><th class=\"is-chars\">Sector<\/th><th class=\"is-chars\">Instrument<\/th><th class=\"is-chars\">Ownership share<\/th><th class=\"is-chars\">Domicile<\/th><th class=\"is-chars\">Committed (MNOK)<\/th><\/tr><\/thead><tbody><tr class=\"regular\"><td class=\"is-chars\">Globeleq<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2014<\/td><td class=\"is-chars\">Energy<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">30%<\/td><td class=\"is-chars\">United Kingdom<\/td><td class=\"is-num\">2047.4<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Fourth Partner Energy<\/td><td class=\"is-chars\">India<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">India<\/td><td class=\"is-num\">904.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Agua Imara<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Hydropower<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">100%<\/td><td class=\"is-chars\">Norway<\/td><td class=\"is-num\">822.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Klinchenberg<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Hydropower<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">50%<\/td><td class=\"is-chars\">Netherlands<\/td><td class=\"is-num\">784.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">H1 Pele SPV<\/td><td class=\"is-chars\">South Africa<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Wind power<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">South Africa<\/td><td class=\"is-num\">441.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">CN Green Roof Asia<\/td><td class=\"is-chars\">Vietnam<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">50%<\/td><td class=\"is-chars\">Singapore<\/td><td class=\"is-num\">405<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">ERCO Energia<\/td><td class=\"is-chars\">Colombia<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">15%<\/td><td class=\"is-chars\">Colombia<\/td><td class=\"is-num\">295.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Serengeti Energy<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2017<\/td><td class=\"is-chars\">Hydropower<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">14%<\/td><td class=\"is-chars\">Mauritius<\/td><td class=\"is-num\">273.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Berkeley Energy Commercial &amp; Industrial Solutions<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2020<\/td><td class=\"is-chars\">Other\/hybrid renewables<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">25%<\/td><td class=\"is-chars\">Singapore<\/td><td class=\"is-num\">260.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">ICCF<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2010<\/td><td class=\"is-chars\">Energy<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Luxembourg<\/td><td class=\"is-num\">208.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Cross Boundary Energy<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">45%<\/td><td class=\"is-chars\">Mauritius<\/td><td class=\"is-num\">205.3<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Scatec Agua Fria<\/td><td class=\"is-chars\">Honduras<\/td><td class=\"is-num\">2014<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">45%<\/td><td class=\"is-chars\">Honduras<\/td><td class=\"is-num\">199.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">FEI - Facility for Energy Inclusion<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Energy<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">18%<\/td><td class=\"is-chars\">Mauritius<\/td><td class=\"is-num\">195.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Metier Sustainable Capital Fund II<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Renewable energy fund<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">17%<\/td><td class=\"is-chars\">Mauritius<\/td><td class=\"is-num\">189.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Brighter Life Kenya 2<\/td><td class=\"is-chars\">Kenya<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Jersey<\/td><td class=\"is-num\">180.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Empower<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Energy<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">18%<\/td><td class=\"is-chars\">Norway<\/td><td class=\"is-num\">149.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Evolution Fund II (Through KNI)<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Energy<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">14%<\/td><td class=\"is-chars\">Mauritius<\/td><td class=\"is-num\">141.2<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">AktivCo<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">France<\/td><td class=\"is-num\">134.3<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Greenlight Planet<\/td><td class=\"is-chars\">Kenya<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Kenya<\/td><td class=\"is-num\">130.4<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">M-Kopa<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2017<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Kenya<\/td><td class=\"is-num\">128.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">responsAbility ACPF<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Renewable energy fund<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">8%<\/td><td class=\"is-chars\">Luxembourg<\/td><td class=\"is-num\">112.4<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Yoma Micro Power<\/td><td class=\"is-chars\">Myanmar<\/td><td class=\"is-num\">2017<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">15%<\/td><td class=\"is-chars\">Singapore<\/td><td class=\"is-num\">100.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Baobab+<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">28%<\/td><td class=\"is-chars\">France<\/td><td class=\"is-num\">100.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Kiangan<\/td><td class=\"is-chars\">Philippines<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Hydropower<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Singapore<\/td><td class=\"is-num\">95.4<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Scatec Los Prados<\/td><td class=\"is-chars\">Honduras<\/td><td class=\"is-num\">2015<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">15%<\/td><td class=\"is-chars\">Honduras<\/td><td class=\"is-num\">93.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">ESCOTEL<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2020<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">31%<\/td><td class=\"is-chars\">Mauritius<\/td><td class=\"is-num\">92.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Nordic Impact Cooperation (NIC)<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">35%<\/td><td class=\"is-chars\">Norway<\/td><td class=\"is-num\">71.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">d.light<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2016<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">0%<\/td><td class=\"is-chars\">United States of America<\/td><td class=\"is-num\">69.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">SUSI Asia Energy Transition Fund (Through KNI)<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Energy<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">19%<\/td><td class=\"is-chars\">Luxembourg<\/td><td class=\"is-num\">67.5<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Schneider Electric Energy Access Asia<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Energy<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">30%<\/td><td class=\"is-chars\">France<\/td><td class=\"is-num\">65.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Scatec Upington<\/td><td class=\"is-chars\">South Africa<\/td><td class=\"is-num\">2015<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">30%<\/td><td class=\"is-chars\">Netherlands<\/td><td class=\"is-num\">55.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">WeLight<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Energy<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">30%<\/td><td class=\"is-chars\">Mauritius<\/td><td class=\"is-num\">55.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Scatec Mocuba<\/td><td class=\"is-chars\">Mozambique<\/td><td class=\"is-num\">2016<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">11%<\/td><td class=\"is-chars\">Mozambique<\/td><td class=\"is-num\">52.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Prime Road Solar<\/td><td class=\"is-chars\">Cambodia<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Cambodia<\/td><td class=\"is-num\">40.2<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Scatec ASYV<\/td><td class=\"is-chars\">Rwanda<\/td><td class=\"is-num\">2014<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">16%<\/td><td class=\"is-chars\">Rwanda<\/td><td class=\"is-num\">37.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Nam Sim<\/td><td class=\"is-chars\">Laos<\/td><td class=\"is-num\">2011<\/td><td class=\"is-chars\">Hydropower<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Laos<\/td><td class=\"is-num\">33.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Scatec Benban<\/td><td class=\"is-chars\">Egypt<\/td><td class=\"is-num\">2015<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">12%<\/td><td class=\"is-chars\">Netherlands<\/td><td class=\"is-num\">30.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Brighter Life Kenya 1<\/td><td class=\"is-chars\">Kenya<\/td><td class=\"is-num\">2020<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Jersey<\/td><td class=\"is-num\">27.5<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Neo1 Solar Plant<\/td><td class=\"is-chars\">Lesotho<\/td><td class=\"is-num\">2018<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">21%<\/td><td class=\"is-chars\">Lesotho<\/td><td class=\"is-num\">21.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Sunshine<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2017<\/td><td class=\"is-chars\">Solar power<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">0%<\/td><td class=\"is-chars\">Costa Rica<\/td><td class=\"is-num\">18.5<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Renewable Energy Holdings<\/td><td class=\"is-chars\">South Africa<\/td><td class=\"is-num\">2014<\/td><td class=\"is-chars\">Hydropower<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">South Africa<\/td><td class=\"is-num\">13.4<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Rwimi<\/td><td class=\"is-chars\">Uganda<\/td><td class=\"is-num\">2015<\/td><td class=\"is-chars\">Hydropower<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Uganda<\/td><td class=\"is-num\">12.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Lobu Dolom HPP<\/td><td class=\"is-chars\">Indonesia<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Hydropower<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Norway<\/td><td class=\"is-num\">9.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Eco-Nor<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Hydropower<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">15%<\/td><td class=\"is-chars\">Mauritius<\/td><td class=\"is-num\">8.1<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Increased supply and access to reliable energy enables economic growth, job creation, public services and improved living standards. The climate crisis means we must do so with low-carbon solutions. Key Achievements in 2022 Strategic ambitions Norfund has defined the following ambitions for the strategy period 2019-2022: 5,000 MW new capacity, of which 4,000 MW is [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":7479,"parent":6510,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"norfund_header_layout":"hero","norfund_header_layout_image_id":7479,"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":"Development Mandate","norfund_header_layout_title":"Renewable Energy","teft_cards_image_id":7479,"teft_cards_image_focal_point_x":0.5,"teft_cards_image_focal_point_y":0.5,"teft_cards_title":"Renewable Energy","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>Renewable Energy | 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\/investment-areas\/renewable-energy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Renewable Energy | Annual Report 2022\" \/>\n<meta property=\"og:description\" content=\"Increased supply and access to reliable energy enables economic growth, job creation, public services and improved living standards. 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The climate crisis means we must do so with low-carbon solutions. Key Achievements in 2022 Strategic ambitions Norfund has defined the following ambitions for the strategy period 2019-2022: 5,000 MW new capacity, of which 4,000 MW is [&hellip;]","og_url":"https:\/\/reports.norfund.no\/annualreport-2022\/development-mandate\/investment-areas\/renewable-energy\/","og_site_name":"Annual Report 2022","article_modified_time":"2023-06-05T11:27:26+00:00","og_image":[{"width":2048,"height":1536,"url":"https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/05\/52081020237_d3ff4c5e28_k-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/reports.norfund.no\/annualreport-2022\/development-mandate\/investment-areas\/renewable-energy\/","url":"https:\/\/reports.norfund.no\/annualreport-2022\/development-mandate\/investment-areas\/renewable-energy\/","name":"Renewable Energy | Annual 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