Kudos
Kunnskapsdokumenter i offentlig sektor

Evaluering

Evaluation of Norfund’s investments in renewable energy

The Norwegian Investment Fund for Developing Countries (Norfund) has an important and special role in Norway’s development cooperation. Norfund is tasked with investing on commercial terms in businesses that create jobs, reduce poverty and support the green transition. This evaluation concentrates on Norfund’s investments in renewable energy – an area which constitutes more than a third of Norfund’s portfolio. The overall purpose of the evaluation has been to provide the Norwegian Ministry of Foreign Affairs and Norfund with information that can strengthen Norfund’s current and future renewable energy investments. The evaluation assesses the effects, additionality and sustainability of the investments, as well as Norfund’s strategies and efficiency related to renewable energy. The report shows that there are significant development and climate impacts of Norfund’s investments, and the company has improved its strategies and follow-up of investments in renewable energy over the last years. The operational efficiency is assessed as good. At the same time the report highlights several areas of improvement. These include the strategic ambitions for renewable energy under the Climate Investment Mandate, the system and practices to ensure that investments are additional and the approach Norfund has to strengthen corporate governance in its investees. Norfund has reservations to some of the findings and recommendations. These reservations are attached to the evaluation report. I wish to express my sincere gratitude to KPMG’s evaluation team, Norfund and all the stakeholders who have contributed with their expertise and reflections during the process. Their inputs have been invaluable in ensuring the quality and relevance of this evaluation.