Norfund

Wave Mobile Money provides an app-based financial solution to save, transfer, and borrow money. Wave Mobile Money is on a mission to make Africa the first cashless continent. On a continent where less than 10% of the population has a bank account, Wave is building the first modern financial network — no account fees, instantly available, and accepted everywhere! It is building life-changing financial infrastructure. When mobile money succeeded in Kenya, it lifted about a million people out of poverty. And yet, over 10 years later, most Africans still lack access to affordable ways to save, transfer or borrow the money they need to build businesses or provide for their families. Wave is solving this problem by using technology to build a radically inclusive and extremely affordable financial network.

AgDevCo is a social impact investor and agribusiness project developer, incorporated as a non-for-profit distribution, limited companyin.

Greenlight Planet Inc develops and manufactures solar lighting and energy devices. It manufactures solar lighting devices, including solar lamps, solar lanterns with mobile charger, and home energy systems. The company offers its products through a network of distributors and it also offers its product online. The company was founded in 2007 and is based in Chicago, Illinois with additional offices in Mumbai, India; and Nairobi, Kenya.

d.light is a company that designs, manufactures, and distributes solar lighting and power products, primarily aimed at households and small businesses lacking reliable electricity. Founded in 2007 as a for-profit social enterprise, d.light has developed a range of products, including solar lanterns, home systems, and various appliances, to serve over 2 billion people globally. With distribution hubs in East and West Africa, India, Southeast Asia, and the United States, the company has reached over 65 million individuals, providing affordable and accessible solar solutions. d.light is committed to transforming energy usage and payment methods, enhancing the quality of life for users in rural and semi-urban areas through its innovative solar-powered products. The company operates from its headquarters in Palo Alto, California, with additional offices in key locations such as Shenzhen, China; Gurgaon, India; Nairobi, Kenya; Kampala, Uganda; and Lagos, Nigeria.

Baobab+ is a social business committed to providing access to energy and digital. We commercialize innovative products with financing solutions that meet the needs of local populations.

Fourth Partner Energy is a prominent provider of turnkey rooftop solar energy solutions in India, focusing on the manufacture and implementation of solar energy applications. Founded in 2010 and based in Hyderabad, the company specializes in products such as solar lanterns, home lighting systems, solar street lights, and photovoltaic panels. It aims to develop and manage a significant portfolio of decentralized solar power assets, positioning itself as a leader in the renewable energy sector. Fourth Partner Energy offers comprehensive services, including evaluation, design, planning, procurement, construction, operation, maintenance, and financial structuring. The company holds certifications for quality and environmental management, and is recognized as a partner with various state agencies, demonstrating its commitment to sustainable energy solutions and improved power generation facilities.

Amartha is a financial technology company that connects micro and SME business partners with investors.

Brighter Life Kenya 1 Limited (BLK1), an indirect subsidiary of AFC incorporated in Jersey, was incorporated to acquire pay-as-you-go solar home system accounts receivables from d.light Limited (d.light Kenya), providing d.light Kenya with flexible working capital to finance its continued growth.

Starsight Energy provides premier clean on-grid and off-grid energy services to commercial and industrial clients in Africa. We make clean energy a smart bottom-line decision for clients by eliminating all up-front costs. Clients pay an all-inclusive monthly fee for end-to-end service.

Excelsior Capital Vietnam is a newly established fund that will primarily invest in established, larger Vietnamese SMEs and mid-sized businesses in Vietnam.

Escotel is an energy services company currently focused on Sub-Saharan Africa countries. Escotel provides energy services to mobile tower owners and operators, owning and operating decentralized renewable energy infrastructure across Africa

Starsight Energy provides premier clean on-grid and off-grid energy services to commercial and industrial clients in Africa. We make clean energy a smart bottom-line decision for clients by eliminating all up-front costs. Clients pay an all-inclusive monthly fee for end-to-end service.

Greenlight Planet Inc develops and manufactures solar lighting and energy devices. It manufactures solar lighting devices, including solar lamps, solar lanterns with mobile charger, and home energy systems. The company offers its products through a network of distributors and it also offers its product online. The company was founded in 2007 and is based in Chicago, Illinois with additional offices in Mumbai, India; and Nairobi, Kenya.

Yoma Bank Limited offers banking products and services. The company was founded in 1993 and is based in Yangon, Myanmar.

Sundry Foods Limited is a prominent food services provider based in Port Harcourt, Nigeria, established in 2004. The company operates a chain of quick service restaurants under the brand name "Kilimanjaro," which has become a market leader in the sector. Sundry Foods offers a diverse range of services, including industrial catering, housekeeping, events catering and management, and bakery services. The company is known for its innovative fast food concept that merges traditional Nigerian cuisine with Western fast food, catering primarily to the growing middle class market across major Nigerian cities such as Lagos, Port Harcourt, and Abuja.

Arnergy Solar Limited is a Nigerian company established in 2013, specializing in the manufacture, installation, and maintenance of modular, micro-grid ready systems designed for solar energy utilization. The company's product offerings include the Arnergy 3000 and Arnergy 5000 systems, which aim to provide sustainable energy solutions for businesses. Arnergy's mission focuses on delivering energy solutions that enhance operational efficiency and economic outcomes for clients, particularly in emerging markets. Through its innovative approach, Arnergy addresses energy reliability challenges, contributing to improved productivity and sustainability in various sectors.

Starsight Energy provides premier clean on-grid and off-grid energy services to commercial and industrial clients in Africa. We make clean energy a smart bottom-line decision for clients by eliminating all up-front costs. Clients pay an all-inclusive monthly fee for end-to-end service.

d.light is a company that designs, manufactures, and distributes solar lighting and power products, primarily aimed at households and small businesses lacking reliable electricity. Founded in 2007 as a for-profit social enterprise, d.light has developed a range of products, including solar lanterns, home systems, and various appliances, to serve over 2 billion people globally. With distribution hubs in East and West Africa, India, Southeast Asia, and the United States, the company has reached over 65 million individuals, providing affordable and accessible solar solutions. d.light is committed to transforming energy usage and payment methods, enhancing the quality of life for users in rural and semi-urban areas through its innovative solar-powered products. The company operates from its headquarters in Palo Alto, California, with additional offices in key locations such as Shenzhen, China; Gurgaon, India; Nairobi, Kenya; Kampala, Uganda; and Lagos, Nigeria.

Yoma Micro Power Myanmar Company Limited builds, owns, operates, and maintains solar-based micro-power plants. The company offers mini-grids in off-grid areas generating and distributing electricity to power telecom towers in rural areas and off-grid communities. It also offers on-grid commercial and industrial solar systems. The company was founded in 2017 and is based in Yangon, Myanmar.

Sunshine is a pick-me-up of good energy with no artificial nonsense. It offers 3 different flavors including Ginger Berry, Blueberry Lemonade, and Clementine Twist– all of which are packed with vitamins, electrolytes, and just enough caffeine to deliver the perfect pick-me-up. In a market overrun with extreme energy drinks, Sunshine is pioneering efforts to redefine the energy category by bringing good energy to consumers with the promise of great taste, no artificial flavors, lower sugars, and only 60 calories per can.

M-KOPA Kenya Limited, established in 2011 and headquartered in Nairobi, specializes in developing and marketing solar home systems designed for off-grid customers. The company offers a range of solar products, including systems equipped with lights, phone charging capabilities, and solar-powered radios. M-KOPA began commercial operations in Kenya in 2012 and has since expanded its services to Uganda and Tanzania. The company operates through a network of over 1,000 retail agents and shops, employing a team of more than 500 staff. M-KOPA is recognized for its innovative "pay-as-you-go" energy services, which leverage a proprietary technology platform that integrates mobile payments and asset financing, facilitating access to affordable energy solutions for underserved communities. The firm is also exploring opportunities to license its technology to reputable partners in markets beyond East Africa.

responsAbility Renewable Energy Holding are energy efficiency and renewable energy investments are dedicated to contributing to the mitigation of climate change through the reduction of greenhouse gas emissions.

Electricity infrastructure development is a priority for Myanmar to drive economic growth. According to the World Bank only 16 percent of rural households in Myanmar are connected to the power grid1. The demand for power far exceeds the available production capacity, resulting in regular blackouts. The limited production and distribution of power severely hamper economic development and the powering of telecommunications towers.

The project was founded by the Ethiopian venture firm, Verdant Frontiers, whose founders have established and sold numerous successful companies both in the US and Ethiopia. Verde Beef is led by two proven agribusiness managers residing in Ethiopia, Mr. Bruce Hamilton and Mr. Arnold Krul, who have both managed successful Ethiopian agribusiness ventures over the past five years. Verde Beef Processing PLC is an Ethiopian agribusiness company with an established feedlot in Adami Tulu, Oromia, Ethiopia on a 1,300 hectare farm.

d.light is a company that designs, manufactures, and distributes solar lighting and power products, primarily aimed at households and small businesses lacking reliable electricity. Founded in 2007 as a for-profit social enterprise, d.light has developed a range of products, including solar lanterns, home systems, and various appliances, to serve over 2 billion people globally. With distribution hubs in East and West Africa, India, Southeast Asia, and the United States, the company has reached over 65 million individuals, providing affordable and accessible solar solutions. d.light is committed to transforming energy usage and payment methods, enhancing the quality of life for users in rural and semi-urban areas through its innovative solar-powered products. The company operates from its headquarters in Palo Alto, California, with additional offices in key locations such as Shenzhen, China; Gurgaon, India; Nairobi, Kenya; Kampala, Uganda; and Lagos, Nigeria.

Neofresh (Pty) Ltd. is an Agri-business located in the Mpumalanga Lowveld of South Africa, focusing on the production, packaging, and marketing of subtropical fruits. The company specializes in papaya and litchi, while also cultivating a variety of other fruits including mango, lemon, blueberry, and macadamia nuts. Neofresh operates its own farms and pack houses, employing efficient production techniques to ensure high yields and quality. By utilizing conventional breeding methods, the company aims to provide consumers with fresh and healthy fruit options.

Freight in Time Limited provides logistic solutions in Africa. The company provides sea freight, air freight, project cargo, express and courier, warehousing and distribution, and inter-regional transportation solutions, as well as sea air solutions from the east. It serves perishables, pharmaceutical and healthcare, telecommunications and ICT, humanitarian and relief, mining, and oil and gas sectors. The company was founded in 1998 and is based in Nairobi, Kenya.

Myanmar Finance International Ltd. (MFIL) was successfully established in 1st September 2014 founded by Myanmar Finance Company Limited - the locally owned company, and Myanmar Investments Limited - the Singapore based company

Globeleq Generation Limited develops, builds, and operates renewable power projects in Africa and the Americas. It operates a portfolio of natural gas, solar, wind, HFO, and fuel oil power generation assets. The company was founded in 2002 and is based in London, United Kingdom with regional offices in Nairobi, Kenya; Cape Town, South Africa; and Doula, Cameroon.

Vertical Agro Limited is an independent, vertically integrated company based in Naivasha, Kenya, specializing in the production, processing, exporting, and marketing of fresh and frozen vegetables and fruits. The company operates a state-of-the-art processing facility that adheres to strict food safety standards, ensuring high-quality products for its customers. As a leading grower and exporter in the region, Vertical Agro focuses on delivering the best quality produce, thereby meeting the demands of both local and international markets.

Advans Group is an international microfinance organization established in August 2005 and headquartered in Luxembourg. As the venture capital investment arm of Horus Development Finance, it specializes in providing equity, loans, and guarantees primarily to microfinance institutions across Africa, the Middle East, and Asia. Advans Group aims to strengthen local businesses, enhance job creation, and improve living standards, thereby promoting private sector-led economic and social development in these regions. One of its subsidiaries, Advans Tunisie, focuses on offering microfinance and credit solutions tailored for retailers, wholesalers, artisans, small industries, services, and small-scale farmers in Tunisia. As a majority shareholder in its investments, Advans Group typically assumes a lead role in the microfinance institutions it supports.

Gigawatt Global is committed to accelerating energy sustainability and independence in each local region it operates. In pursuit of this goal, GWG’s strategy is to partner with energy financial partners, governments, development groups and institutions to structure socially responsible investments.

Confianza provides microfinance services in El Salvador.

REH focuses on the development, construction and operation of green-field and refurbished independent power plants (IPPs) in the range of 5MW to 50 MW across Southern Africa.

African Century Infrastructure Services offers equipment on lease to support the development of the oil and gas industry in Tanzania and Mozambique. It provides large scale machinery and other equipment such as forklifts and portable heavy duty cranes.

SN Power invests in clean, renewable energy on commercial basis in emerging markets. The company has operations in Southeast Asia, Africa, and Central America and the focus is to acquire, develop, construct and operate hydropower assets. SN Power has several running Hydropower plants in The Philippines, Laos, Zambia and Panama, and the company consist of a multinational team of people employed globally in its operations and projects. In addition to the operating assets, SN Power has an office in Amsterdam, Netherlands and is Head-quartered in Oslo, Norway.

Asilia Africa Ltd. is an ecotourism company based in Arusha, Tanzania, founded in 2004. It operates 13 luxury camps and lodges that provide a variety of safari experiences, including flying safaris, beach combinations, and activity-based adventures. The company aims to positively impact the natural habitats where it operates and the communities surrounding them. By offering personalized service and expert guiding in remote settings, Asilia Africa seeks to create unforgettable safari experiences that connect travelers with the continent's wildlife and landscapes. The company's commitment extends to promoting sustainability and enhancing the future of both nature and local communities.

DFCU Bank, established in 1964 and headquartered in Kampala, Uganda, is a prominent financial institution offering a wide range of commercial banking products and services. The bank provides savings and investment accounts, personal and corporate credit, trade finance, and foreign exchange trading, alongside internet and mobile banking solutions. DFCU Bank also specializes in providing medium and long-term financing to various sectors, including agro-processing, education, health, manufacturing, transport, hospitality, tourism, and construction. With a network of 63 branches and 100 ATMs, DFCU Bank plays a significant role in promoting small and medium enterprises (SMEs) and supporting women in business, contributing to the economic development of Uganda. DFCU Limited operates as a subsidiary of Arise B.V.

African Century Foods (ACF) is Sub-Sahara Africa’s aquaculture producer with tilapia farms in Zimbabwe, Zambia and Uganda. Its supply of affordable, high-quality fresh protein is important in countries facing challenges related to the availability and affordability of food supplies.

The company is focused on providing a long-term Home Loan and medium-term Home Improvement Loans to underserved low-middle income Cambodian households who do not have access to formal commercial lending.

FDL is a Nicaraguan nonprofit microfinance institution (MFI) that is committed to integrated service provision in rural areas where access to essential services is often limited. The organization began its activities in 1992 as part of the NITLAPAN* research institute and became its own independent entity in 1997. While the organization’s principal mission is to provide financial services to micro, small and medium entrepreneurs, it has continued to work closely with NITLAPAN to design innovative, non-financial products and services that meet the multifaceted needs of small producers.

Financiera Desyfin, S.A. provides financing solutions to projects and contracts with the central government, autonomous institutions, and AAA companies in Costa Rica. The company offers a range of integrated services, such as the issue of guarantees, financing purchase orders, working capital, and factoring; and international services comprising wire transfers, and foreign currency exchange and letters of credit. It also provides leasing, currency exchange, investment and savings, credit or debit cards, loans, and insurance products and services. The company was founded in 1991 is based in Sabanilla, Costa Rica.

Bio2Watt is the production of methane and carbon dioxide is a natural consequence of the degradation of organic waste. In this plant, the process is accelerated and the methane is captured and used to generate electricity using gas engines. The technology is established and commercially proven with many biogas plants operating in Asia, Europe and the Americas.The generation capacity of the biogas plant is 4.2 MW, providing an estimated 35 GWh of energy per year.

Basecamp Explorer AS, through its subsidiaries, provides tour services to see the natural environments. Basecamp Explorer AS was formerly known as Ecco Travel Group AS and changed its name to Basecamp Explorer AS on May, 2002. Its tourist destinations include Svalbard, Norway; Masai Mara and Lamu, Kenya; Solovki, Russia; Rajasthan and Dharamsala, India; and Pyrenees, France, as well as Spitsbergen in Arctic Circle. Basecamp Explorer AS was formerly known as Ecco Travel Group AS. The company was founded in 1998 and is based in Oslo, Norway. It has subsidiaries in Norway, Sweden, Kenya, India, and Russia.

Family Bank is a fully-fledged commercial bank since May 2007. The Bank is regulated by the Central Bank of Kenya (CBK) and is a member of the Kenya Deposit Insurance Corporation. The Bank is growing with over 1.7 million customers and a network of 93 branches countrywide. It was the first Bank in Kenya to introduce paperless banking through smart card technology.

Agrica Limited was founded in September 2005 to develop model sustainable agribusinesses in East Africa, where growing internal markets urgently require the introduction of both modern commercial agriculture and innovative smallholder technology to achieve food security.

Real People is a financial institution that offers credit to small enterprises and individuals who otherwise have limited access to financial services in South Africa and other countries in the region. Real People is one of South Africa’s largest non-banking independent financial services provider that has been operating in Southern Africa for more than 15 years. Real People is a consumer finance and mortgage financing institution that targets customers from previously disadvantaged communities, with low to moderate household earnings who would traditionally not qualify for credit from the banking institutions in South Africa.

BRAC Bank Limited provides various commercial banking products and services in Bangladesh. The company offers retail, wholesale, small and medium enterprises (SME), and Probashi banking products and services. It provides various deposit products, such as current accounts, fixed deposits, SME deposits, savings accounts, and term deposits. The company also offers loan portfolio comprising personal loans, auto loans, home loans, and secured loans/overdrafts.

Serena Hotels create buildings of outstanding ethnic design; to offer the highest standards of service and product.

Green Resources is a afforestation company and a leader in East African wood processing. The company has 40,000 ha of standing forest in Mozambique, Tanzania and Uganda, established through its own planting activities. It operates East Africa’s largest sawmill in Tanzania and electricity pole and charcoal plants in Mozambique, Tanzania and Uganda.

Abler Nordic operates as a microfinance institution aimed at empowering impoverished communities in developing countries. By providing essential financial services such as loans and savings, it seeks to reach unbanked individuals, fostering economic growth and social sustainability. The organization focuses on creating jobs and wealth on a sustainable basis, contributing to the overall empowerment of its target populations. Through strategic investments in microfinance institutions, Abler Nordic plays a vital role in enhancing financial inclusion and supporting the development of local economies.