Project portfolio
At the end of 2025, Nopef’s active portfolio comprised 128 conditional loans with a combined value of EUR 5.0 million. This represents a modest increase from the previous year, when the portfolio consisted of 126 projects with a combined value of EUR 4.8 million.
The portfolio spans a broad range of sectors, with the largest shares being in energy efficiency, storage and distribution (20 projects), water technology (13) and industrial goods and services (13), reflecting a strong focus on solutions that improve resource efficiency and environmental performance. Significant activity is also seen in agriculture (12 projects), digitalisation (10), buildings and infrastructure (9) and wind power (9), demonstrating the diversity of applications for Nordic green innovation.
128 conditional loans
with a combined value of
EUR 5 million
At the end of 2025, Nopef’s active portfolio comprised 128 conditional loans with a combined value of EUR 5.0 million. This represents a modest increase from the previous year, when the portfolio consisted of 126 projects with a combined value of EUR 4.8 million.
The portfolio spans a broad range of sectors, with the largest shares being in energy efficiency, storage and distribution (20 projects), water technology (13) and industrial goods and services (13), reflecting a strong focus on solutions that improve resource efficiency and environmental performance. Significant activity is also seen in agriculture (12 projects), digitalisation (10), buildings and infrastructure (9) and wind power (9), demonstrating the diversity of applications for Nordic green innovation.
- Energy efficiency, storage and distribution: 20 studies
- Water technology: 13 studies
- Industrial goods and services: 13 studies
- Agriculture: 12 studies
- Digitalisation: 10 studies
- Buildings and infrastructure: 9 studies
- Wind power: 9 studies
- Waste and recycling: 8 studies
- Solar power: 6 studies
- Aquaculture and marine: 6 studies
- Geothermal energy: 5 studies
- Monitoring and control systems: 5 studies
- Bioenergy: 4 studies
- Advanced materials: 3 studies
- Environmental consulting: 2 studies
- Forestry and wood processing: 2 studies
- Response and safety equipment and services: 1 study
- Energy efficiency, storage and distribution: 20 studies
- Water technology: 13 studies
- Industrial goods and services: 13 studies
- Agriculture: 12 studies
- Digitalisation: 10 studies
- Buildings and infrastructure: 9 studies
- Wind power: 9 studies
- Waste and recycling: 8 studies
- Solar power: 6 studies
- Aquaculture and marine: 6 studies
- Geothermal energy: 5 studies
- Monitoring and control systems: 5 studies
- Bioenergy: 4 studies
- Advanced materials: 3 studies
- Environmental consulting: 2 studies
- Forestry and wood processing: 2 studies
- Response and safety equipment and services: 1 study
“Nopef’s support has been invaluable in helping us with the feasibility study and has contributed to our decision to continue exploring and discussing opportunities in South Africa and neighbouring countries in Africa.”
Kimmo Korhonen, CEO
HealthFOX Oy
Nopef approval in 2021 for a feasibility study to enter South Africa.
Target markets
The active portfolio remains geographically diverse, with projects in more than 30 countries.
The largest single target markets are:
- United States: 25 active projects (20% of portfolio)
- India: 18 projects (14% of portfolio)
- Brazil: 9 projects (7% of portfolio)
- United Kingdom: 7 projects (6% of portfolio)
- Canada & Indonesia: 6 projects each
The portfolio also includes multiple projects in China, Kenya, South Africa, South Korea and Uganda, among others. This spread demonstrates Nopef’s role in opening doors for Nordic SMEs across a wide range of markets.
Active portfolio
with projects in
with projects in
30+ countries
Target markets
The active portfolio remains geographically diverse, with projects in more than 30 countries.
The largest single target markets are:
- United States – 25 active projects (20% of portfolio)
- India – 18 projects (14% of portfolio)
- Brazil – 9 projects (7% of portfolio)
- United Kingdom – 7 projects (6% of portfolio)
- Canada and Indonesia – 6 projects each
The portfolio also includes multiple projects in China, Kenya, South Africa, South Korea and Uganda, among others. This spread demonstrates Nopef’s role in opening doors for Nordic SMEs across a wide range of markets.
Portfolio trends 2020–2025
Between 2020 and 2025, Nopef approved:
About 300
feasibility studies
EUR 11.1 million
in conditional loans
Over this period, about 70% of approved projects have been international establishment projects and 30% pilot and demonstration projects. The shift towards more pilots and demonstrations in 2025 has strengthened the demonstration value of Nopef’s portfolio and will support the market uptake of innovative solutions.
Between 2020 and 2025, Nopef’s approved feasibility studies were consistently weighted towards climate change mitigation, with energy efficiency and renewable energy together accounting for 54% of all feasibility studies. Over time, the focus of projects has shifted from renewables, which was the largest category in 2020–2021, to energy efficiency, which has grown to about one third of approvals in 2025. At the same time, the portfolio has broadened: circular economy projects peaked in 2022, and there has been a gradual increase in projects targeting pollution prevention, water and marine resources, biodiversity, and climate adaptation. This development reflects both evolving market demand and Nopef’s role in supporting a wider range of green transition priorities.
70%
international
establishment
projects
establishment
projects
30%
pilot and
demonstration
projects
demonstration
projects
Over this period, about 70% of approved projects have been international establishment projects and 30% pilot and demonstration projects. The shift towards more pilots and demonstrations in 2025 has strengthened the demonstration value of Nopef’s portfolio and will support the market uptake of innovative solutions.
Between 2020 and 2025, Nopef’s approved feasibility studies were consistently weighted towards climate change mitigation, with energy efficiency and renewable energy together accounting for 54% of all feasibility studies. Over time, the focus of projects has shifted from renewables, which was the largest category in 2020–2021, to energy efficiency, which has grown to about one third of approvals in 2025. At the same time, the portfolio has broadened: circular economy projects peaked in 2022, and there has been a gradual increase in projects targeting pollution prevention, water and marine resources, biodiversity, and climate adaptation. This development reflects both evolving market demand and Nopef’s role in supporting a wider range of green transition priorities.
What is a conditional loan?
Nopef financing is provided in the form of conditional loans. When a feasibility study leads to an international establishment, pilot or investment in the project country, the conditional loan is fully converted into a grant. If a project does not result in establishment, up to half of the maximum amount may still be converted into a grant, while the remainder must be repaid.
This model helps companies manage risk in the early phases of internationalisation, while ensuring that public funding is used efficiently.