Nopef supports increasing number of renewable energy projects
2017 was a positive year for Nopef, with all project activity goals reached. Nopef granted funding worth EUR 2.2 million to 70 Nordic companies over the course of the year.
The feasibility studies that Nopef is funding will assess planned Nordic foreign investments worth a total of EUR 137 million. The approved projects in 2017 are expected to lead to environmental improvements, both directly and indirectly, as well as increasing environmental awareness in the project countries.
A growing proportion of Nopef's projects are related to Nordic environmental technology and climate solutions with a demonstration value and the potential to be scaled up in the project countries in the long term. "A number of the approved projects cover technology for energy efficiency in industry, as well as renewable energy, such as wind power and solar energy. Some of our other key project areas are building technology, innovative production materials, reduction of chemicals in industry, and digitalisation within both the private and public sector," says Senior Manager Mikael Reims at NEFCO.
The approved projects also cover a wide area geographically, with feasibility studies set to be carried out in 33 countries. Although Nopef's projects target key export markets such as the USA, China and India primarily, Nordic companies are also showing a growing interest in business opportunities in South-East Asia, Africa and the Gulf region. All the continents are represented among the approved projects, with the geographical spread: Asia 49%, Africa 16%, North America 18%, South America 7%, Europe 7% and Australia 3%.
A total of 36 international establishments were completed in 2017, which means that 63% of all ended feasibility studies resulted in a foreign business establishment. These projects are spread across 16 countries, with the majority of the Nordic business set-ups located in the USA, China, Brazil and South Africa.
Nopef strengthens the competitiveness of small and medium-sized Nordic companies by providing funding for feasibility studies outside of the Nordic countries and EU/EEA. Nopef was established by the Nordic countries in 1982 and is today administered by NEFCO and financed by the Nordic Council of Ministers. To date, Nopef has provided over EUR 100 million in funding distributed to some 3000 projects.