Projects resulted in internationalisation
Nopef has set a target for 50% of its financed feasibility studies to result in a completed international establishment or investment (i.e. realisation rate).
Feasibility studies are conducted to test assumptions and uncover risks, and as such they should not all result in market entry. Their purpose is just as much to avoid unsuitable or failed investments as enable successful ones. Having half of all funded studies still result in an establishment, pilot or investment is evidence that Nopef helps companies make informed choices while delivering a substantial number of positive outcomes.
A 50% realisation rate therefore represents both effective risk management and strong performance: some companies avoid entering markets that are not sufficiently mature, while many others move forward with confidence and create lasting environmental and commercial value.
We aim for
50%
of financed feasibility studies to
result in a completed international
result in a completed international
establishment or investment
Nopef has set a target for 50% of its financed feasibility studies to result in a completed international establishment or investment (i.e. realisation rate).
Feasibility studies are conducted to test assumptions and uncover risks, and as such they should not all result in market entry. Their purpose is just as much to avoid unsuitable or failed investments as enable successful ones. Having half of all funded studies still result in an establishment, pilot or investment is evidence that Nopef helps companies make informed choices while delivering a substantial number of positive outcomes.
A 50% realisation rate therefore represents both effective risk management and strong performance: some companies avoid entering markets that are not sufficiently mature, while many others move forward with confidence and create lasting environmental and commercial value.
Realisation criteria
A feasibility study is considered realised when the applicant company begins operations in the project country by:
- founding a registered subsidiary or joint venture, or a comparable form of establishment or investment
- hiring initial employees in the target country
For international demonstration projects or pilot installations, realisation is achieved when:
- investments have been made in equipment, installations or facilities in the project country
- documentation confirming the project implementation is available
"The funding from Nopef was essential for us to push forward with the feasibility study as early as we did. We would most likely have waited until a later stage otherwise."
Lars Conradsen, Founding Partner
Peak Wind A/S
Nopef approval in 2021 for a feasibility study for establishment in South Korea.
Realised projects in 2025
In 2025, 50 feasibility studies reached the end of their implementation period. Of these, 24 led to an international establishment, pilot or investment in the target country, corresponding to a realisation rate of 48% of all ended projects. Excluding cancelled projects, the realisation rate rises to 57%, above Nopef’s strategic target of 50%.
Realised projects represent all Nordic countries and a broad range of target markets, including Brazil, India, Kenya, New Zealand and the United States, as well as a number of other countries across Africa, Asia and Latin America. They cover sectors such as renewable energy, water technology, circular economy, sustainable agriculture and digital solutions for climate and environmental management.
57%
realisation rate,
excluding cancelled
projects
excluding cancelled
projects
Realised projects in 2025
In 2025, 50 feasibility studies reached the end of their implementation period. Of these, 24 led to an international establishment, pilot or investment in the target country, corresponding to a realisation rate of 48% of all ended projects. Excluding cancelled projects, the realisation rate rises to 57%, above Nopef’s strategic target of 50%.
Realised projects represent all Nordic countries and a broad range of target markets, including Brazil, India, Kenya, New Zealand and the United States, as well as a number of other countries across Africa, Asia and Latin America. They cover sectors such as renewable energy, water technology, circular economy, sustainable agriculture and digital solutions for climate and environmental management.
Realised projects have led to:
- new subsidiaries and joint ventures
- long-term commercial contracts and agency agreements
- pilot and demonstration installations to pave the way for larger investments
These outcomes contribute to local job creation and the growth of Nordic companies, as well as forming the basis for the economic and environmental impacts described in the next section.