Investments in heat energy

The world’s largest, but still quite unexplored, renewable energy source is heat power. Baseload Capital received a feasibility study grant from Nopef to assess the market opportunities in Taiwan, followed by a Nefco loan to accelerate the implementation of new heat power plants outside of the Nordic countries.

Why apply for financing from Nefco?

Nefco provides financing for economically viable green projects with positive environmental or climate-related impact. We offer loans, equity-type financing and feasibility-study grants to Nordic small and medium-sized enterprises (SMEs) and midcap companies for green investments carried out on global markets.

Who can apply?

Nordic companies and investors that are developing green projects can apply.

Nefco finances projects initiated by companies and actors originating in one of the Nordic countries (Denmark, Finland, Iceland, Norway and/or Sweden), and which aim to establish operations in a target country outside the Nordic countries (Denmark, Finland, Iceland, Norway and Sweden).
Projects financed by Nefco shall have an identified Nordic partner that would serve as Nefco’s point of contact in the project.

Where and how?

Investments on global markets

  • For Nordic small and medium-sized enterprises (SMEs) and mid-cap companies for green projects carried out on global markets outside the Nordic countries (Denmark, Finland, Iceland, Norway and Sweden)
  • Loans and equity-type funding – up to EUR 5 million

Green Recovery financing for Nordic SMEs

  • For Nordic small and medium-sized companies (SMEs) with commercialised green solutions that face challenges to realising international growth due to the economic consequences of the COVID-19 pandemic.
  • Loans with fast-track approval procedures up to EUR 500,000

Financial support for internationalisation

  • For Nordic Small and Medium-sized EnterprisesSMEs to conduct feasibility studies and demonstration projects for internationalisation outside the EU/EEA
  • Financial support through the Nordic Project Fund (Nopef), up to EUR 50,000

Investments in Eastern Europe

  • For green projects in Eastern Europe, i.e. Armenia, Estonia, Georgia, Latvia, Lithuania, Moldova, Poland, Russia and Ukraine.
  • Shall involve a Nordic partner (from Denmark, Finland, Iceland, Norway and/or Sweden).
  • Loans and equity – up to EUR 5 million for investments
  • Buyer credits – up to EUR 5 million for the delivery of environmentally sustainable products, machinery or services

Scope of project?

Small and medium-sized projects that have positive and relevant environmental impact in the country where the project is located as well as for the Nordic region. We always assess the technical feasibility and financial profitability of all projects. Typical projects may be:

  • Investments in best available technology for industrial operations
  • Modernisation of industrial production processes
  • Raw material and resource savings
  • Wastewater treatment and waste management
  • Renewable energy: biomass, wind, solar, geothermal and small-scale hydro power projects.
  • Production of equipment for pollution abatement
  • Energy efficiency measures
  • Environmental consultancies and services

Risk assessment

  • Nefco loan financing for private sector projects can be for up to 7 years
  • Nefco normally exits from equity investments after 5-7 years
  • Currency: EUR
  • Amount: loans and equity up to EUR 5 million
  • Nefco’s financing does not generally exceed 50 % of the total investment.
  • Interest rates: market terms, fixed or floating rate interest on loans

How we work

As an international financial institution we have a range of policies and guidelines that will help you understand how we work both internally and with our partners and customers. Click here to read more about these >>

We welcome project proposals, aimed at generating positive environmental or climate-related results. Read here about our environmental criteria and guidelines >>

Projects should also contribute to the global sustainable development goals >>

How to apply

You can contact Nefco through our contact form beneath to determine if your project is eligible for Nefco funding. Please provide the name and contact details of your company, information about current business areas, name of the contact person, background, purpose and scope of the project, information regarding expected environmental benefits as well as possible Nordic participation and interest.

Download our project proposal form >>

You can also contact our investment managers directly by email or telephone.

Contact us

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Victor Degerlund

Senior Investment Officer

Victor Degerlund
+358 106180781
Swedish, Finnish, English

Meeri Kaurissaari

Investment Officer

+358 10 6180 682
Finnish, Swedish, English

Fredrik Larsson

Investment Adviser, Consultant, Sweden

+46 72 218 3711
Swedish, English

Helena Lähteenmäki

Investment Director

+358 10 6180 633
Finnish, Russian, English, Swedish

Auli Nikkilä

Investment Officer

+358 10 6180 652
Finnish, Swedish, English, French

Bo Nyhus

Investment Director

+358 10 6180 665
Danish, English, Russian

Søren Rasmussen

Investment Manager

+358 10 618 0674
Danish, English, Swedish, Finnish

Mikael Reims

Vice President, Origination

+358 10 6180 670
Swedish, Finnish, Norwegian, English

Joakim Svahn

Investment Officer

+358 10 6180 672
Swedish, English

Thor Thorsteinsson

Vice President, Green Transition Nordic SMEs

+358 10 6180 657
Icelandic, Swedish, English

Wish to know more?

Ask us about financing options for your project

A selection of implemented projects