Activities and results in 2021

 

Nopef portfolio

in the end of 2021:

conditional loans

worth

in

project countries

In 2021, all Nopef’s operational goals for the year were achieved. During the year, funding was granted for 37 new projects worth EUR 1.26 million. All approved projects contribute to the Nordic Council of Ministers’ action plans for the Nordic Vision 2030, including the initiatives for sustainable buildings, green transport, circular economy and sustainable ocean economy.

Nopef provides funding for feasibility studies aiming at international establishments and for the implementation of commercial pilots and demonstrations of Nordic green solutions. Pilots and demonstration projects continued to see high demand in 2021 and resulted in six approved projects, or 16% of project financing. The approved feasibility studies included solutions for renewable energy, water purification, waste management and recycling, production of green hydrogen and fuel-saving technology for the maritime sector.

The year’s operations continued to be characterised by the pandemic. Travel restrictions and long-term suspensions in the Nordic countries and project countries resulted in many projects being delayed and temporarily reduced the incoming project flow. Despite these challenges, Nopef’s overall activity remained at a satisfactory level. This was partly due to increased activity on digital channels and effective cooperation with the Nordic business and export promotion agencies.

Nopef’s active project portfolio at the end of the year consisted of 157 conditional loans worth EUR 5.3 million, compared with 161 conditional loans worth EUR 5.4 million in the previous year.  Nopef’s portfolio represented 41 project countries. Most of the active projects are in the United States (31), followed by India (16), China (13), Brazil (9) and Colombia (7).

 

At the end of 2021, Nopef’s active project portfolio (total of 157 projects) according to the main applicant’s home country was distributed as follows: Denmark 42%, Sweden 29%, Norway 15%, Finland 11% and Iceland 3%.

During the year, 17 feasibility studies (target 13) resulted in the establishment of an international business or a completed investment in the project country. This corresponds to a success rate of 50% (target 50%) for projects completed in 2021.

 

The completed projects were implemented across 12 project countries, including India and the United States (three projects each), and Taiwan (two projects). Most of the completed projects were related to the implementation of solutions, technology and business models in renewable energy (47%), energy efficiency improvements (24%) and the transition to a circular economy (18%).

Nopef has continued the collaboration with Nefco’s Green Recovery Loan Programme, which was launched at the end of 2020 in response to the pandemic and subsequent economic and commercial challenges faced by the Nordic SMEs. In 2021, as a result of this collaboration, Nefco approved financing for nine Nopef client companies (former and current) to continue their internationalisation.