Case example: Swedish heat power going global

Swedish Baseload Capital is an investment entity established by three Swedish venture capital companies and Climeon, a Swedish cleantech vendor, for the development of renewable energy projects. Loan financing from Nefco enables Baseload Capital to expand Climeon Heat Power technology to global markets. Each deployment will result in significant CO2 reductions as well as economic benefits, and contribute to scaling up Nordic green technologies.

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Scaling up Nordic green solutions on global markets


Nefco can provide loans or equity-type funding to Nordic companies for green projects and investments carried out on global markets, outside the Nordic countries.

The purpose of this financing scheme is to facilitate investments in green solutions and technologies with up-scaling potential and demonstration value on international markets where Nordic companies have identified the best opportunity for market growth, international expansion, and a high probability of project realisation.

Financing under this scheme is offered to Nordic small and medium-sized enterprises (SMEs) and mid-cap companies for investments in a subsidiary or affiliated company that will be established or is 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 under Nefco Global is normally EUR 2.5 million. The funding is provided as loans on market terms, but equity-type investments can also be considered.

Who can apply for funding?

Nordic SMEs and mid-cap companies that provide environmentally sustainable products or services, have at least three years of operational history and are planning an international investment can apply for funding.

The project to be funded shall be located outside our core countries of operation (Armenia, Belarus, Estonia, Georgia, Latvia, Lithuania, Moldova, Poland, Russia and 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.

For projects in our core countries of operation, go to Investments in Eastern Europe.

How to apply?

See how we can finance companies seeking green growth-, and contact our Investment Managers for further details.

Grants for feasibility studies

We also offer grants for conducting feasibility studies in order to facilitate the internationalisation of Nordic SMEs. Read more about these grants.  


Bo Nyhus

Investment Director

+358 10 6180 665
Danish, English, Russian

Søren Rasmussen

Investment Manager

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

Helena Lähteenmäki

Investment Director

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

Dennis Hamro-Drotz

Senior Investment Manager

+358 10 6180 641
Swedish, Finnish, English

Thor Thorsteinsson

Vice President, Green Transition Nordic SMEs

+358 10 6180 657
Icelandic, Swedish, English

Amund Beitnes

Investment Director

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

Mikael Reims

Vice President, Origination

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

Ulf Bojö

Vice President, Green Transition Eastern Europe

+358 10 6180 637
Swedish, English, Russian, Italian

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