Norfund doubles down on renewables

From the newsletter

The Norwegian investment fund for developing countries, Norfund, has invested $75 million in Mulilo, a leading South African renewable energy company. Norfund has been doubling down on renewable energy investments in Africa, helped by recent exits from older projects that freed up capital for reinvestment in new opportunities.

• In September, Norfund exited the Kenhardt project, South Africa’s first large-scale hybrid solar and battery facility. The exit raised $109.5 million through a new equity partnership between H1 Holdings and Standard Bank.

• Norfund has a portfolio of $3.8 billion invested across Sub-Saharan Africa, Southeast Asia and Latin America. It also manages the Norwegian Climate Investment Fund, which invests in renewable energy in developing countries.

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