• Norfund committed $163.9 million to Africa’s renewable energy in 2024
• Funded 2,065 MW of new green capacity, reaching 750,000 households
• Africa made up 68.2% of Norfund’s energy portfolio by end of 2024

Norfund reaffirmed its strong focus on Africa’s renewable energy sector. In its 2024 Annual Report, published on June 17, the company revealed a strategic commitment to advancing green and inclusive electrification throughout the continent.

In 2024, Norfund allocated 70% of its total energy investments to Africa, amounting to $163.9 million. This funding supported the development of 2,065 megawatts of new 100% renewable energy capacity, delivering electricity to an additional 750,000 households.

The investments covered a mix of technologies, including solar and geothermal, across both on-grid and off-grid projects. Norfund also backed supporting infrastructure such as energy storage systems and electric mobility networks.

According to the International Energy Agency, Development Finance Institutions (DFIs) invested an average of $24 billion per year in energy projects from 2019 to 2022, with 80% going to clean energy initiatives in Africa, Asia, and Latin America. In Sub-Saharan Africa, most renewable energy projects still rely on concessional finance, with DFIs playing a central role.

Norfund’s investment strategy aligns with this broader global trend. By the end of 2024, 68.2% of Norfund’s total energy portfolio was concentrated in Africa, with 42 active investments on the continent. Its contribution remains critical in advancing Africa’s energy transition and improving access to electricity.