Case example: A boost to clean energy in Ukraine

A new 19 MW solar power park in central Ukraine has been constructed with co-financing from the Danish company Better Energy A/S, the Danish Investment Fund for Developing Countries (IFU) and Nefco. It is probably the first solar power investment in Ukraine for which 100% of the funding comes from the Nordic countries.

Read more about the project

Promoting green solutions in Eastern Europe


Nefco can provide loans or equity-type funding to Nordic companies for green investments in Eastern Europe through its own Investment Fund.

The purpose of this financing scheme is to facilitate investments in green solutions and technologies with up-scaling potential and demonstration value, in order to boost the implementation of clean energy, energy-efficiency and other pollution abatement solutions in these markets.

Financing under this scheme is offered to Nordic small and medium-sized enterprises (Small and Medium-sized EnterprisesSMEs) and mid-cap companies for investment in a subsidiary or affiliated company to be established or already operating in an eligible project country. In certain cases, large Nordic companies can also be considered for funding. Typical funded projects could relate to green investments in facilities, machinery, equipment or technology needed for production or business development in the project country.

The maximum financing is normally EUR 5 million – provided as loans, subordinated loans or equity-type investments.

We also offer Buyer Credits up to EUR 5 million for the export of environmentally sustainable products, machinery or services to Eastern Europe.

Who can apply for funding?

Nordic SMEs and mid-cap companies that provide environmentally sustainable products or service – and have at least three years of operational history can apply for funding.

The project to be funded shall be located in one of our core countries of operation, i.e. Armenia, Belarus, Estonia, Georgia, Latvia, Lithuania, Moldova, Poland, Russia or Ukraine. Priority is given to projects that have a high demonstration value in the targeted project country and where the provided green solutions have substantial upscaling potential.

Nefco requires borrowers to meet reasonable financial criteria, but the primary focus is on the positive environmental impacts of the project. In addition to the environmental aspects, we always examine the technical feasibility and financial profitability of all financed projects.

How to apply?

See how we can finance companies seeking green growth and help local financial institutions to create green loan programmes for their clients. You may also contact our Investment Managers for further details.


Thor Thorsteinsson

Vice President, Green Transition Nordic SMEs

+358 10 6180 657
Icelandic, Swedish, English

Bo Nyhus

Investment Director

+358 10 6180 665
Danish, English, Russian

Helena Lähteenmäki

Investment Director

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

Amund Beitnes

Investment Director

+358 10 6180 658
Norwegian, English, Russian, Spanish

Want to know more about available financing?