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ANNUAL REPORT 2013 Significant Development Effects 2013 LDC SME Results Partnerships Annual Report Women Born Enterprises Development SME Funds Local Tax Jobs First Impact Developing countries Norwegian Financial institutions Investments Start-ups poor Electricity Sustainable Low Access Exit Strategy Employment Equity NOK Expertise Organization Africa Growth Clean Energy Mezzanine Responsible Additional High IRR ESG Ofces Effects Capital Local business Southeast Asia Portfolio Loans Central America Financial Catalytic Agribusiness in renewable energy have been highly profitable and have particularly in LDCs and projects in which Norfund’s participation ANNUAL REPORT 2013 significant development effects. may have a particular additional significance. In 2013, our funds invested in 62 new SMEs, and 49% of the investments were in Norfund – The Norwegian Investment Fund for Developing Countries – was established by the Norwegian Parliament The most important single event in 2013 was the signing of a LDCs. (Stortinget) in 1997 as a state-owned investment company. Norfund is an instrument of Norwegian development final agreement with Statkraft on the restructuring and extension policy. Through the development of profitable companies, particularly within the fields of renewable energy, the of the hydropower cooperation. The aim is to increase initiatives in In 2013, we invested in two new funds with strategies that ties attractive, emerging markets, which need environmentally-friendly in well with Norfund’s priorities. Novastar will provide risk capital financial sector and agriculture, and by transferring knowledge and technology, Norfund contributes to economic energy and have a huge potential for hydropower development. to innovative growth companies in Kenya and Ethiopia in an early development and profitable, sustainable jobs in poor countries. At the end of 2013, the total investment portfolio A main element in the agreement is the establishment of a new phase, and help them to grow as suppliers of continually improving amounted to NOK 9.6 billion. company, SN Power, of which Norfund owns 50 per cent. The solutions to regular consumers in these markets. Ascent Rift Valley intention is for the company to have a geographic focus that Fund is a new fund that invests in SMEs in Kenya, Uganda and coincides more with Norfund’s prioritised regions. Agua Imara Ethiopia. Norfund has played an active role in the establishment of 1. SUMMARY OF THE YEAR portfolio investments, while also making a direct investment in will be a subsidiary that focuses on Africa and Central America, this fund. Norfund has invested 10 MUSD in each of these funds. Norfund entered into investment agreements for NOK 1.9 billion the first high rise business property in the capital Juba. Norfund co-owned by TrønderEnergi and BKK. Norfund can gradually sell in 2013. Approximately NOK 0.9 billion was invested in renewable has also continued to work on the development of a hydropower off its investments in geographic areas that are not included in Industrial partnerships: Norfund’s industrial partnership energy, while NOK 0.6 billion was invested in financial institutions plant in Fula Rapids in South Sudan, where construction is planned Norfund’s prioritised regions. investments are equity investments in newly established companies and NOK 0.2 billion in agriculture and related industry. to start in 2014. However, the unrest in South Sudan that flared and in other projects that carry a high risk but yield considerable up in December 2013 makes it clear that investments in fragile In 2013, SN Power and Agua Imara concentrated on the development effects. In this kind of investment, Norfund’s expertise The fundamental feature of Norfund’s strategy since 2007 has states come with a high risk, and progress in the current projects construction of the hydroelectric plants at Cheves in Peru and role as an active owner are just as important as the actual been the geographic concentration on eastern and southern is highly uncertain. (168 MW) and Bajo Frio (58 MW) in Panama. The projects finance. New investments were made in southern and eastern Africa, Central America and selected countries in Southeast Asia, will be completed towards the end of 2014. Together with KLP, Africa in 2013. Norfund has faced considerable challenges in its concentrating on the sectors of renewable energy, financial Norfund now has five regional offices: Maputo, Nairobi and Norfund has entered into investment agreements for two new agricultural portfolio in 2013, which is not unexpected, given the institutions, agriculture and related industries. The strategy entails Johannesburg in Africa, Bangkok in Asia and San Jose in solar energy projects (115 MW) with Scatec Solar in South Africa. high proportion of newly established companies in difficult a strict prioritisation between the available projects, all of which Central America. Norfund’s policy is to recruit personnel with Both projects are under construction, and are expected to start markets and demanding forms of production. will have a substantial development effects. local expertise. In 2013, manpower in the regional offices was producing in June 2014. Norfund is also investing equity in the increased further. 60 MW Kinangop wind farm in Kenya. Kinangop is the first In 2013, Norfund invested 5.3 MUSD in Africa Century Food, one Approximately 49 per cent of Norfund’s investment portfolio is in large-scale wind energy project in East Africa. Finally, Norfund of the leading producers of farmed tilapia in Zimbabwe, producing renewable energy, while 24 per cent of the portfolio is in financial Adjusted equity at the end of 2013 was NOK 12,580 million, part-financed Bio2Watt, a small-scale waste-to-energy project in 10,000 tonnes annually, in addition to some production in Zambia institutions, including microfinance, and 11 per cent is in compared with NOK 10,854 million at the end of 2012. South Africa that is which will to supply industries in the Gauteng and Uganda, and chicken production in Mozambique. Norfund agriculture and agricultural industries. The remaining portion of area with power. will provide the company with Norwegian fish-farming expertise. the portfolio is primarily invested in tourism and other small and An investment of 5 MUSD was also made in Asilia (African Spirit medium-sized enterprises. Financial institutions: Norfund invests in or provides loans to Group), an operator of sustainable tourism in Tanzania and Kenya 2. NORFUND’S ACTIVITIES banks, microfinance institutions and other financial institutions. which works closely with the local population. A further 5 MUSD The development of renewable energy is essential for ensuring an 2.1. Activities and investment areas The main aim is to extend the range of financial services to small was invested in Equatorial Tower, an office building in Juba in environmentally sustainable development, and it is still Norfund’s Norfund’s goal is to contribute to development by investing in and medium-sized enterprises (SMEs) and to individuals who South Sudan, which will provide good-quality office premises largest investment area. 2013 represented a breakthrough for viable, profitable enterprises. In this way, Norfund is contributing would not otherwise have access to such services. when complete. This investment has not been affected by the Norfund in investments in solar and wind power, with major to the creation of jobs and income for employees and owners, unrest in the country. investments in solar power in South Africa, and in wind power as well as tax revenues for the authorities. Investments are intended Norfund entered into investment agreements in financial in Kenya. In addition, in 2013 Norfund decided to continue a to be supplementary, by boosting the supply of capital and expertise institutions totalling approximately NOK 600 million in 2013. Grant facility long-term cooperation with Statkraft on the development of to poor countries. Norfund is also intended to act as a catalyst by The most important investments were the increased equity Norfund has a grant facility that is designed to strengthen the hydropower through a restructured SN Power. The new mobilising additional capital from both Norway and internation- investments in DFCU Bank in Uganda, and our first bank development effects of our investments. The facility provides SN Power will concentrate its activities in sub-Saharan Africa, ally. Norfund always invests jointly with other investors, and does investment in Zimbabwe. The establishment of Norfinance AS, professional and technical assistance for projects through Central America and Southeast Asia. not normally contribute more than 35 per cent of a company’s which will make equity investments in Africa, was an important operational improvement (such as training, improving internal equity. Norfund’s contribution in the majority of projects is a step towards mobilising private Norwegian capital for such control systems or HSE procedures), local community develop- A breakthrough in the efforts of mobilising private capital combination of capital (equity and/or loans) and the exercise investments. Norfund transfers individual bank investments to ment and project development. was achieved in 2013, with the establishment of Norfinance AS of responsible, competent corporate governance. The exercise Norfinance, and will have an ownership share of 49 per cent. alongside four private Norwegian partners. Norfinance AS will of good corporate governance demands considerable knowledge This step will help to release funds
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