One of the funded Nordic SME companies will build a solar energy plant. Photo: Shutterstock

Nopef has approved financing for 9 new projects, which means that 52 projects with a total value of approx. EUR 1.65 million have so far been granted funding this year. The funded companies are expected to raise total investments of EUR 67.7 million once they establish a local presence in the project countries.

“Feasibility studies are carried out on all continents, but we are seeing a growing trend of internationalisation in the US among the Nordic SME companies,” says Mikael Reims, Head of Nordic Project Fund (Nopef). “It also seems that one of the most popular project countries in the last ten years, namely China, is growing again after a temporary decline last year. The number of feasibility studies carried out in Russia is also slowly increasing.”

Several of the newly approved projects will be carried out in the US, but other project countries, such as India, Indonesia, Turkey, Russia and South Africa, are also represented among the funded projects. If long-term operations are set up in the project countries, total investments for these nine projects will exceed EUR 7.8 million.

Nopef finances feasibility studies within green growth for projects and investments that contribute to, for example, energy efficiency, reduced use of resources and the development of sustainable energy and innovations. These new projects represent a wide range of sectors including the construction and operation of a solar energy plant, installation of biogas plants, components for the wind energy sector, environmentally friendly equipment for playgrounds, textile production without harmful chemicals in the colouring process and environmentally friendly surface treatments.

The aim of all funded feasibility studies is to evaluate the feasibility of long-term investment in a new project country and to establish a local presence through, for example, a joint venture or subsidiary.

The Nordic Project Fund (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 over 2,900 projects.