Norfund

Wave Mobile Money is a financial technology company focused on providing app-based solutions for saving, transferring, and borrowing money in Africa. With a mission to create the first cashless continent, Wave aims to address the challenge of limited access to banking services, as less than 10% of the African population has a bank account. The company is developing an inclusive financial network that offers no account fees and allows for instant transactions, making it accessible to a broader audience. By leveraging technology, Wave is creating affordable financial services that enable individuals to manage their money effectively, thereby fostering economic empowerment and contributing to poverty alleviation. Its platform supports various services, including deposits, withdrawals, bill payments, and money transfers, facilitating cashless transactions for users and businesses alike.

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 aimed at underserved populations. Founded in 2009 and based in Chicago, Illinois, with offices in Mumbai and Nairobi, the company designs products like the Sun King solar lamps and home energy systems. These products are distributed through a network of partners, including micro-finance institutions and local micro-entrepreneurs, enhancing accessibility to affordable solar energy solutions. Greenlight Planet's mission focuses on delivering reliable and cost-effective home energy products to improve the living conditions of households in the developing world. The company operates in various countries across Africa and India, ensuring a broad reach for its innovative solar technologies.

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 integrated solar solutions provider based in Hyderabad, India. Established in 2010, the company specializes in offering comprehensive solar energy solutions, including the design, planning, procurement, construction, operation, maintenance, and financing of both small and large solar power projects. Fourth Partner Energy manufactures a range of solar energy applications, such as solar lanterns, home lighting systems, solar street lights, and photovoltaic panels. With a commitment to sustainability, the company aims to build and manage a substantial portfolio of decentralized solar power assets across the country. It holds ISO 9001:2015 and ISO 14001:2015 certifications for quality and environmental management, respectively, and is recognized as a 'Category A' Channel Partner by the Ministry of New and Renewable Energy. Additionally, Fourth Partner Energy collaborates with various state nodal agencies to enhance renewable energy access and efficiency for its customers.

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 specializes in providing clean energy solutions to commercial and industrial clients across Africa, focusing on both on-grid and off-grid services. The company offers sustainable solar power and energy efficiency services, along with cooling solutions. By employing a team of experienced engineers, Starsight Energy customizes energy storage systems to meet specific application needs and budget constraints. This approach enables clients to achieve significant cost savings while also reducing their carbon emissions. Notably, Starsight Energy eliminates upfront costs by allowing clients to pay a monthly fee for comprehensive services, making clean energy a financially viable choice.

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 specializes in providing clean energy solutions to commercial and industrial clients across Africa, focusing on both on-grid and off-grid services. The company offers sustainable solar power and energy efficiency services, along with cooling solutions. By employing a team of experienced engineers, Starsight Energy customizes energy storage systems to meet specific application needs and budget constraints. This approach enables clients to achieve significant cost savings while also reducing their carbon emissions. Notably, Starsight Energy eliminates upfront costs by allowing clients to pay a monthly fee for comprehensive services, making clean energy a financially viable choice.

Greenlight Planet Inc. develops and manufactures solar lighting and energy devices aimed at underserved populations. Founded in 2009 and based in Chicago, Illinois, with offices in Mumbai and Nairobi, the company designs products like the Sun King solar lamps and home energy systems. These products are distributed through a network of partners, including micro-finance institutions and local micro-entrepreneurs, enhancing accessibility to affordable solar energy solutions. Greenlight Planet's mission focuses on delivering reliable and cost-effective home energy products to improve the living conditions of households in the developing world. The company operates in various countries across Africa and India, ensuring a broad reach for its innovative solar technologies.

Yoma Bank Limited, founded in 1993 and based in Yangon, Myanmar, is a prominent domestic bank that offers a wide range of banking products and services. As the fourth largest bank in Myanmar by assets, Yoma Bank employs over 3,000 staff and operates 65 branches nationwide. The bank has made substantial investments in areas such as technology, corporate governance, and human resources. In 2014, it became the International Finance Corporation's first direct investment in Myanmar, benefiting from a comprehensive advisory package aimed at enhancing its credit risk management and financial systems. Yoma Bank's strategic partnership with Telenor has led to the establishment of Wave Money, a mobile financial services company designed to broaden access to digital financial solutions. Additionally, the bank has received support from the LIFT trust fund to expand agribusiness finance, targeting Myanmar's underserved agricultural sector, with technical assistance provided by Rabo Bank.

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, founded in 2013 and based in Lagos, Nigeria, specializes in the manufacture, installation, and maintenance of modular solar energy systems designed for micro-grid applications. The company offers products such as the Arnergy 3000 and Arnergy 5000, which provide scalable and reliable energy solutions to address the challenges of grid unreliability and energy intermittency. Arnergy aims to enhance economic outcomes by delivering clean and affordable energy systems tailored for both businesses and residential customers in emerging markets, thereby promoting sustainable energy solutions.

Starsight Energy specializes in providing clean energy solutions to commercial and industrial clients across Africa, focusing on both on-grid and off-grid services. The company offers sustainable solar power and energy efficiency services, along with cooling solutions. By employing a team of experienced engineers, Starsight Energy customizes energy storage systems to meet specific application needs and budget constraints. This approach enables clients to achieve significant cost savings while also reducing their carbon emissions. Notably, Starsight Energy eliminates upfront costs by allowing clients to pay a monthly fee for comprehensive services, making clean energy a financially viable choice.

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 is a leading provider of solar home systems, specializing in pay-as-you-go energy services for off-grid customers. Founded in 2011 and based in Nairobi, Kenya, M-Kopa began commercial operations in 2012 and has since expanded its reach to Uganda and Tanzania. The company offers a range of solar products, including systems that provide lighting, phone charging, and solar-powered radios, which are sold through over 1,000 retail agents and shops. M-Kopa utilizes a proprietary technology platform that integrates mobile payments and IoT connectivity, allowing customers without credit histories to access essential products and services. With a dedicated team of over 500 staff, the company is committed to delivering innovative solutions that meet the needs of underserved communities, continually improving its offerings through data-driven insights and customer relationship management.

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.

Verde Beef Processing PLC is a beef production company based in Adami Tulu, Ethiopia, established in 2014. It operates a feedlot on a 1,300-hectare farm, specializing in cattle farming and industrial livestock production. The company focuses on raw beef meat processing and exports its products to markets in the Middle East, Africa, and Asia, offering premium quality Ethiopian beef. Led by experienced agribusiness managers, Bruce Hamilton and Arnold Krul, Verde Beef Processing aims to leverage its expertise and local resources to meet the growing demand for beef in international markets.

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 is a logistics company based in Nairobi, Kenya, specializing in integrated freight and supply chain solutions across East Africa, including South Sudan, Ethiopia, and Djibouti. Established in 1998, it offers a range of services such as sea and air freight, project cargo, express and courier services, warehousing, and inter-regional transportation. The company caters to various sectors, including perishables, pharmaceuticals and healthcare, telecommunications, humanitarian relief, and oil and gas. Freight in Time has developed expertise in handling complex logistics challenges and provides end-to-end solutions, including brokerage services, regional cross-border air and road freight, and both full truckload and less-than-container-load options. With a strategic presence at major ports, airports, and border points, Freight in Time plays a crucial role in enhancing supply chain efficiency in the region.

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 Africa Holdings Limited is a company based in London, United Kingdom, specializing in the development, construction, and operation of independent power plants across Africa. Founded in 2002, it manages a diverse portfolio of power generation assets, including natural gas, solar, wind, heavy fuel oil, and fuel oil facilities. Globeleq aims to empower Africa's growth by implementing various power-generating technologies tailored to different geographical locations. Through its operations, the company seeks to deliver positive impacts on local communities while contributing to a sustainable energy future in the region. Regional offices are located in Nairobi, Kenya; Cape Town, South Africa; and Douala, 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 Coöperatief U.A. is a renewable energy company based in Amsterdam, Netherlands, that focuses on developing and managing solar energy projects, along with initiatives in wind and hydroelectricity. Established in 2010, the company aims to enhance energy sustainability and independence in the regions where it operates. To achieve this, GigaWatt Global collaborates with energy financial partners, governments, and development institutions to create socially responsible investment opportunities.

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 is a private equity firm established in 2008 and located in Grand Baie, Mauritius. The firm focuses on investments in various sectors, including food, financial services, real estate, and agriculture. Additionally, African Century Infrastructure Services, a subsidiary, specializes in leasing equipment to support the oil and gas industry in Tanzania and Mozambique. This division provides large-scale machinery and equipment, such as forklifts and portable heavy-duty cranes, to facilitate industrial development in these regions.

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, offering a variety of safari experiences, including flying safaris and combinations of safari and beach properties. The company prioritizes conservation and aims to positively impact the natural habitats where it operates, as well as the local communities. Asilia Africa is dedicated to providing exceptional wilderness experiences characterized by personalized service and knowledgeable guiding. Through its sustainable economic models, the company seeks to enhance wildlife conservation efforts and improve the livelihoods of people living in and around these unique ecosystems.

DFCU Bank, established in 1964 and headquartered in Kampala, Uganda, offers a range of commercial banking products and services. The bank provides savings and investment accounts, personal and corporate credit, trade finance, and foreign exchange services. It also facilitates medium and long-term financing for various sectors, including agriculture, education, health, manufacturing, transport, hospitality, tourism, and construction. DFCU Bank actively promotes small and medium enterprises and supports women in business through its tailored financial solutions. With a network of 63 branches and 100 ATMs, the bank ensures accessible banking through internet and mobile platforms, allowing customers to manage their finances conveniently and securely. As a subsidiary of Arise B.V., DFCU Bank has played a significant role in Uganda's economic development.

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 is a tourism company based in Oslo, Norway, that specializes in offering tour services focused on natural environments. Founded in 1998, the company operates various hotels, trips, and expeditions in several global destinations, including Svalbard in Norway, Masai Mara and Lamu in Kenya, Solovki in Russia, Rajasthan and Dharamsala in India, and the Pyrenees in France. Basecamp Explorer emphasizes responsible and sustainable travel experiences, catering to nature enthusiasts and adventure seekers. The company has established subsidiaries in Norway, Sweden, Kenya, India, and Russia, reflecting its commitment to connecting travelers with unique and pristine landscapes worldwide.

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, founded in September 2005, is an agricultural company based in Guernsey that focuses on developing sustainable agribusinesses in East Africa. The organization aims to address the growing need for modern commercial agriculture and innovative smallholder technologies in the region to enhance food security. Agrica's strategy involves creating a portfolio of model commercial farms complemented by concentric smallholder schemes, fostering thriving local communities and contributing to national food security. The company utilizes intensification techniques to produce quality grains and vegetable oil, thereby supporting import displacement and meeting the demands of local markets.

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.