Review by the fund manager

The Nordic Project Fund (Nopef) is committed to fostering the growth of Nordic green solutions on a global scale. By providing crucial support during the early stages of international expansion, Nopef plays a pivotal role in promoting a green, competitive and socially sustainable Nordic region, which is the ambition of the Nordic Vision 2030. We focus on small and medium-sized enterprises (SMEs), aiming to facilitate their entry into new markets and thereby enhance innovation and mitigate risks associated with international growth.

In 2024, the demand for Nopef’s financing remained high. With EUR 2.2 million allocated for 54 projects, it is evident that companies are eager to seize opportunities in new markets, bolstered by targeted financial support that can make a significant difference.

Nopef finances projects that, if realised, contribute to positive environmental or climate impacts. Climate mitigation through energy efficiency or the adoption of renewable energy sources is at the core of most Nopef-funded projects. There is also a significant and increasing focus on the transition to a circular economy within the portfolio.

Geographic diversity is another Nopef hallmark. In addition to maintaining a strong presence across all five Nordic countries, this diversity is reflected in our approved projects and the overall project portfolio which spans various regions of the world.

Feedback from our annual customer survey underscores the value of Nopef’s support, with clients affirming that Nopef funding has been crucial in establishing their presence in new markets. Moreover, financial support from Nopef often triggers a positive domino effect, opening doors to further market access and new ventures.

As the fund manager of Nopef, at Nefco we are in a unique position to continue supporting Nordic SMEs and look forward to further success stories resulting from their international endeavours.

Vice President, Origination, Nefco