Investments in 52 developing countries
In 2019, Finnfund made 29 investments decision with a total worth of 237 million euros.
Investment decisions target project with higher impact, as stated in Finnfund’s strategy. As many as 96% of new investment decisions made in 2019 dealt with projects with “good” or “excellent” impact, based on our ex ante assessment.
New investment decisions target mainly (78%) countries of low or lower-middle income, in which the need for sustainable development investments is greatest.
In 2019, new financing decisions were divided fairly evenly among the continents. Approximately 35% were allocated to Africa and approximately 20% to Asia and Latin America.
The majority of Finnfund investment were made directly in companies operating in developing countries. Direct investments mean long-term investment loans, equity or mezzanine financing.
Besides direct investment, we can make indirect investments through funds. We also finance banks and financial institutions. Finnfund financing is always market based and depends on the risks of the project.
List of investments in portfolio
Finnfund publishes information about its investees according to the Disclosure Policy, which was updated in 2018.
Disclosure will be made as soon as possible after financing has been agreed. In the case of investment funds, the share of Finnfund’s financing (%) is disclosed after the final closing of the fund. Information on the portfolio companies financed by the investment fund will be published at least once a year.
Table contents can be sorted by columns by clicking the column header. You can also search for companies or countries by using the search tool.
All information is checked and updated annually, the last time was in December 2019.
Investment | Country | Sector | Finnfund's financing | Agreement year | ||
---|---|---|---|---|---|---|
Access Bank | Nigeria | Bank | USD | 12,000,000 | 2017 | |
Access Bank III | Nigeria | Bank | USD | 10,000,000 | 2019 | |
Societe JTF Madagascar SARL | Madagascar | Agriculture | EUR | 3,750,000 | 2019 | |
Africado Limited | Tanzania | Agriculture | EUR | 2,500,000 | 2018 | |
African Foundries Limited | Nigeria | Steel | 2015 | |||
AfriCap Microfinance Investment Ltd | Africa | Microfinance | 2007 | |||
AfricInvest Fund III | Africa | Private equity fund | 2014 | |||
AfricInvest Fund Ltd. I | Africa | Private equity fund | 2004 | |||
AfricInvest Fund Ltd. I B | Africa | Private equity fund | 2007 | |||
AfricInvest Fund Ltd. II | Africa | Private equity fund | 2008 | |||
Afrinord Hotel Investments A/S | Africa | Hotel | 2005 | |||
Agri-Vie Fund II (Pty) Ltd | Africa | Food and agriculture fund | USD | 10,000,000 | 2018 | |
Aten Solar Energy S.A.E | Egypt | Solar power | USD | 6,000,000 | 2017 | |
Atlantic Coast Regional Fund | Africa | Private equity fund | 2008 | |||
Aureos Africa Fund | Africa | Private equity fund | 2009 | |||
CAL Bank | Ghana | Bank | USD | 15,000,000 | 2018 | |
Catalyst Fund I | Africa | Private equity fund | 2011 | |||
Elgon Road Developments Co Ltd | Kenya | Hotel | 2009 | |||
Elgon Road Developments Co Ltd II | Kenya | Hotel | 2011 | |||
Elgon Road Developments Co Ltd III | Kenya | Hotel | 2015 | |||
Elgon Road Developments Co Ltd IV | Kenya | Hotel | 2015 | |||
Elgon Road Developments Co Ltd V | Kenya | Hotel | 2016 | |||
Elgon Road Developments Co Ltd VI | Kenya | Hotel | USD | 2,794,760 | 2018 | |
Elgon Road Developments Co Ltd VII | Kenya | Hotel | EUR | 2,775,940 | 2018 | |
EthioChicken (AgFlow Poultry Limited) | Ethiopia | Poultry production | USD | 10,000,000 | 2016 | |
European Financing Partners | Africa | Development financing | 2010 | |||
European Financing Partners | Africa | Development financing | 2004 | |||
European Financing Partners III | Africa | Development financing | 2009 | |||
European Financing Partners IV | Africa | Development financing | 2010 | |||
Evolution II (Mauritius) LP | Africa | Private equity fund | USD | 15,000,000 | 2017 | |
Evolution One LP | South Africa | Private equity fund | 2008 | |||
Fanisi Venture Capital Fund S.C.A. | Africa | Private equity fund | 2010 | |||
Fidelity Equity Fund II Limited | Africa | Private equity fund | 2008 | |||
Fuzu | Africa | Information technology | EUR | 600,000 | 2016 | |
Africa Sustainable Forestry Fund L.P | Africa | Forestry fund | 2011 | |||
Ghana Airport Cargo Centre Limited | Ghana | Logistics | 2014 | |||
Ghana Airport Cargo Centre Limited | Ghana | Logistics | USD | 1,000,000 | 2016 | |
Goldtree | Sierra Leone | Food production | 2011 | |||
Goldtree (S.L. Limited) | Sierra Leone | Food production | 2016 | |||
Goldtree II | Sierra Leone | Food production | 2014 | |||
Green Resources AS | Africa | Forestry and wood products | 2012 | |||
Green Resources AS | Africa | Forestry and wood products | USD | 2,450,000 | 2018 | |
Green Resources AS | Africa | Forestry and wood products | USD | 1,100,000 | 2018 | |
GroFin East Africa Fund (GEAF) | Africa | Private equity fund | 2007 | |||
Hakan-Quantum Power Plant | Rwanda | Energy | USD | 10,000,000 | 2016 | |
Hakan-Quantum Power Plant | Rwanda | Energy | USD | 5,000,000 | 2016 | |
Horizon Equity Fund III | South Africa | Private equity fund | 2007 | |||
Horus Solar Energy S.A.E | Egypt | Solar power | USD | 6,000,000 | 2017 | |
Kilombero Valley Teak Company Ltd I | Tanzania | Forestry and wood products | 2000 | |||
Kilombero Valley Teak Company Ltd I | Tanzania | Forestry and wood products | 2011 | |||
Kilombero Valley Teak Company Ltd II | Tanzania | Forestry and wood products | 2005 | |||
Kilombero Valley Teak Company Ltd III | Tanzania | Forestry and wood products | 2009 | |||
Kilombero Valley Teak Company Ltd IV | Tanzania | Forestry and wood products | 2010 | |||
Kilombero Valley Teak Company Ltd IX | Tanzania | Forestry and wood products | 2016 | |||
Kilombero Valley Teak Company Ltd V | Tanzania | Forestry and wood products | 2011 | |||
Kilombero Valley Teak Company Ltd VI | Tanzania | Forestry and wood products | 2012 | |||
Lake Turkana Wind Power | Kenya | Wind power | 2013 | |||
M-Birr Ethiopia | Ethiopia | Fintech | 2011 | |||
M-Birr Ethiopia | Ethiopia | Fintech | 2011 | |||
M-Birr Ethiopia II | Ethiopia | Fintech | 2014 | |||
M-Birr Ethiopia IV | Ethiopia | Fintech | 2016 | |||
M-Birr Ethiopia V | Ethiopia | Fintech | EUR | 1,000,000 | 2017 | |
Miro Forestry Company, Ghana ja Sierra Leone | Ghana and Sierra Leone | Forestry and wood products | 2014 | |||
Miro Forestry Company, Ghana ja Sierra Leone | Ghana and Sierra Leone | Forestry and wood products | USD | 8,065,115 | 2018 | |
Miro Forestry Company, Ghana ja Sierra Leone II | Ghana and Sierra Leone | Forestry and wood products | 2015 | |||
New Forests Company (Tanzania) Limited | Tanzania | Forestry and wood products | 2014 | |||
New Forests Company (Rwanda) Limited | Rwanda | Forestry and wood products | USD | 7,500,000 | 2016 | |
New Forests Company (Uganda) Limited | Uganda | Forestry and wood products | 2015 | |||
Norsad Finance Limited | SADC/Africa | Development financing | 2011 | |||
Penda Health | Kenya | Health care | USD | 2,495,225 | 2018 | |
Polykrome S.A. | Senegal | Packaging products | EUR | 4,000,000 | 2018 | |
Precision Air Services Ltd | Tanzania | Airline company | 2008 | |||
Sanergy Inc. | Kenya | Waste management and recycling | USD | 1,249,999 | 2017 | |
Schulze Global Ethiopia Fund I | Ethiopia | Private equity fund | 2014 | |||
SFC Finance Limited | Africa | Financial institution | 2014 | |||
Silverlands Fund | Africa | Private equity fund | 2011 | |||
Sini Furniture Interior Design PLC | Ethiopia | Furniture | 2015 | |||
Sound and Fair Tanzania Limited | Tanzania | Forestry and wood products | 2016 | |||
Synergy Private Equity Fund II LP | Africa | Private equity fund | USD | 15,000,000 | 2018 | |
TAQA Arabia for Solar Energy SAE | Egypt | Solar power | USD | 7,804,000 | 2017 | |
UpEnergy Uganda Ltd | Uganda | Energy efficiency | 2013 | |||
Ashley Alteams India PVT Limited | India | Aluminium components | 2009 | |||
Burapha Agro-Forestry Co., Ltd | Laos | Forestry and wood products | 2016 | |||
Burapha Agro-Forestry Co., Ltd | Laos | Forestry and wood products | USD | 10,000,000 | 2018 | |
Cambodia-Laos Development Fund S.C.A. | Asia | Private equity fund | 2009 | |||
Commercial Leasing and Finance PLC (CLC) | Sri Lanka | Microfinance | 2015 | |||
Dolma Impact Fund I, Nepal | Nepal | Private equity fund | 2014 | |||
Dolma Impact Fund I, Nepal | Nepal | Private equity fund | USD | 3,100,000 | 2018 | |
Everest Power Generation Company Limited | Bangladesh | Power plant | 2013 | |||
Everest Power Generation Company Limited | Bangladesh | Power plant | 2015 | |||
Frontier Tower | Indonesia | Telecommunication infrastructure | USD | 10,000,000 | 2017 | |
Fun Factory Ltd | Bangladesh | Textiles | USD | 700,000 | 2017 | |
Gemco Kati Exploration Pvt. Ltd. | India | Mining support service activities | 2016 | |||
GreenStream ESCO | China | Energy efficiency | 2014 | |||
GreenStream ESCO II | China | Energy efficiency | 2014 | |||
GreenStream ESCO III | China | Energy efficiency | 2016 | |||
LVDU Lapland Food (Fushun) Co., Ltd | China | Dairy products | 2012 | |||
mBank Philippines | Philippines | Microfinance | 2011 | |||
Mekong Brahmaputra Clean Development Fund | Asia | Private equity fund | 2010 | |||
MongoliaNord GmbH | Mongolia | Hotel | 2010 | |||
Nam Sim Power Company Limited | Laos | Hydro power | 2011 | |||
Norrhydro Hydraulic System (Changzhou) Co. Ltd | China | Manufacturing of hydraulic sylinders | 2011 | |||
Norrhydro Hydraulic System (Changzhou) Co.Ltd II | China | Manufacturing of hydraulic sylinders | 2014 | |||
Peikko Construction Accessories (Zhangjiagang) Co., Ltd. | China | Metal products | 2014 | |||
PRASAC Microfinance Institution Ltd | Cambodia | Microfinance | USD | 15,000,000 | 2016 | |
SaraRasa Biomass | Indonesia | Biofuels | 2012 | |||
SaraRasa Biomass II | Indonesia | Biofuels | 2013 | |||
SaraRasa Biomass III | Indonesia | Biofuels | 2013 | |||
SaraRasa Biomass IV | Indonesia | Biofuels | 2014 | |||
SaraRasa Biomass V | Indonesia | Biofuels | 2016 | |||
SaraRasa Biomass VI | Indonesia | Biofuels | USD | 500,000 | 2017 | |
Spica Metfab Solutions India Private Limited | India | Metal products | 2009 | |||
SREI Equipment Finance | India | Equipment financing | EUR | 15,000,000 | 2017 | |
Stera Engineering (India) Private II | India | Contract manufacturer of electromechanics | 2014 | |||
Thai Biogas Energy Company Ltd | Thailand | Biopower | 2009 | |||
Tropical Asia Forest Fund | Asia | Private equity fund | 2012 | |||
VME Precast Pvt. Ltd. | India | Concrete elements | 2009 | |||
XacBank | Mongolia | Bank | 2016 | |||
XTC Company Oy | China | Electrical equipment | 2010 | |||
XTC Company Oy II | China | Electrical equipment | 2011 | |||
Aqueduct | Ukraine | Metal products | 2010 | |||
ArcelorMittal (Toplana Zenica d.o.o. Zenica) | Bosnia and Hertzegovina | Power generation | EUR | 1,800,000 | 2018 | |
Cibuk Wind Farm (Tesla Wind d.o.o.) | Serbia | Wind power | EUR | 10,740,971 | 2017 | |
Peikko OOO | Russia | Metal products | EUR | 2,000,000 | 2018 | |
SEAF South Balkan Fund | Central and Eastern Europe UMIC | Private equity fund | 2009 | |||
Althelia Climate Fund SICAV-SIF | International | Environment fund | 2013 | |||
Arbaro Fund SCSp | International | Forestry fund | USD | 10,000,000 | 2018 | |
Dasos Timberland Fund I | International | Forestry fund | 2010 | |||
GEEMF Global Environment Emerging Markets Fund III | International | Private equity fund | 2007 | |||
Interact Climate Change Facility II | International | Development financing | EUR | 20,000,000 | 2016 | |
Interact Climate Change Facility S.A. | International | Development financing | 2011 | |||
Interact Climate Change Facility S.A. I | International | Development financing | 2011 | |||
Interact Climate Change Facility S.A. I B | International | Development financing | 2013 | |||
Jumo | International | Fintech | USD | 6,000,000 | 2017 | |
Jumo II | International | Fintech | USD | 5,996,500 | 2018 | |
MBH BV | International | Microfinance | 2011 | |||
Moringa S.C.A., SICAR | International | Agroforestry fund | 2013 | |||
ShoreCap International Ltd. II | International | Microfinance | 2009 | |||
WWB Capital Partners, LP | International | Microfinance / fund | 2012 | |||
Bosforo PV Project | El Salvador | Solar power | USD | 15,000,000 | 2017 | |
Carec - Central American Renewable Energy and Cleaner Production | Central America | Private equity fund | 2006 | |||
Caseif II | Latin America | Private equity fund | 2007 | |||
Central American Mezzanine Infra Fund II | Central America | Private equity fund | 2014 | |||
Central American Mezzanine Infra Fund II | Central America | Private equity fund | 2014 | |||
Central American Mezzanine Infrastructure Fund | Central America | Private equity fund | 2009 | |||
CIFI - orporaci¢n Interamericana para el Financiamiento de Infraestructura, S.A. | Latin America | Financial institution | 2014 | |||
The Forest Company | Latin America | Forestry and wood products | 2010 | |||
Forest First Colombia | Colombia | Forestry and wood products | USD | 10,000,000 | 2017 | |
Los Laureles | Honduras | Small hydropower | 2011 | |||
Methax | Argentina | Power plant | USD | 20,000,000 | 2017 | |
Mezapa | Honduras | Small hydropower | 2010 | |||
Pro Eucalipto Holding S.A.P.I. de C.V. | Mexico | Forestry and wood products | 2014 | |||
Pro Eucalipto Holding S.A.P.I. de C.V. II | Mexico | Forestry and wood products | 2015 | |||
Pro Eucalipto Holding S.A.P.I. de C.V. III | Mexico | Forestry and wood products | 2015 | |||
San Francisco S.A. | Paraguay | Warehousing and transportation support | USD | 8,000,000 | 2017 | |
San Francisco S.A. | Paraguay | Warehousing and transportation support | USD | 4,000,000 | 2017 | |
SEAF Latam Growth Fund | Latin America | Private equity fund | 2008 | |||
Valle Solar Power Project | Honduras | Solar power | 2015 | |||
Valle Solar Power Project | Honduras | Solar power | 2015 | |||
Arabia One For Clean Energy Investments PSC | Jordan | Solar power | 2014 | |||
Catalyst MENA Clean Energy Fund | The Middle East | Private equity fund | 2016 | |||
Falcon M'an for SolarÿEnergyÿLLCÿ | Jordan | Solar power | 2014 | |||
FRV Solar Holdings IX B.V. / Jordan PSC | Jordan | Solar power | 2016 | |||
Jordan Solar One / Jordan PSC | Jordan | Solar power | 2014 | |||
Zain Iraq (Atheer Telecom Iraq Limited) | Iraq | Information technology | USD | 19,000,000 | 2018 | |
SyvashEnergoProm LLC | Ukraine | Renewable energy | EUR | 15,000,000 | 2019 | |
UpEnergy | Uganda | Energy efficiency | EUR | 720,000 | 2019 | |
Sathapana Bank Plc. | Cambodia | Financial Institution | USD | 10,000,000 | 2019 | |
Starsight (SPUL Sub 2 Ltd.) | Nigeria | Energy | USD | 5,000,000 | 2019 | |
XacBank | Mongolia | Financial institution | USD | 5,000,000 | 2019 | |
Annapurna Finance Pvt. Ltd. | India | Microfinance | EUR | 15,000,000 | 2019 | |
IPT Powertech | Lebanon and Guinea | Telecom energy services | USD | 10,000,000 | 2019 | |
MLR Forestal de Nicaragua S.A. | Nicaragua | Forestry and agriculture | USD | 10,000,000 | 2019 | |
Miro Forestry Company | Ghana and Sierra Leone | Forestry and wood products | USD | 1,500,000 | 2019 | |
Hospital Holdings Investment | Africa | Health care | USD | 9,400,000 | 2018 | |
First City Monument Bank Ltd. | Nigeria | Banking and finance | USD | 5,000,000 | 2019 | |
Green Resources A/S | Uganda, Tanzania, Mozambique | Forestry | USD | 9,750,000 | 2019 | |
Humania | Egypt and Morocco | Healthcare | USD | 18,750,000 | 2019 | |
Bank of Georgia | Georgia | Bank | USD | 10,000,000 | 2019 | |
Goldtree II | Sierra Leone | Food production | 2013 | |||
Goldtree IV | Sierra Leone | Food production | 2019 | |||
GroFin East Africa Fund (GEAF) | Africa | Private equity fund | 2007 | |||
Silverlands Fund | Africa | Private equity fund | 2011 | |||
Tanira Ltd. | Tanzania | Hand pumps | 1991 | |||
A.T. Biopower Co. Ltd. | Thailand | Biopower plant | 2003 | |||
BOPA Pte Ltd. | Asia | Microfinance | USD | 3,000,000 | 2017 | |
BOPA Pte Ltd | Asia | Microfinance | USD | 1,500,000 | 2018 | |
Frontier Tower | Indonesia | Telecommunication infrastructure | USD | 10,000,000 | 2017 | |
GreenStream ESCO | China | Energy efficiency | 2014 | |||
GreenStream ESCO II | China | Energy efficiency | 2014 | |||
GreenStream ESCO III | China | Energy efficiency | 2016 | |||
Oy Nordic Russian Management Co - NORUM | Russia | Fund management | 1995 | |||
Peikko OOO | Russia | Metal products | EUR | 2,000,000 | 2018 | |
FRV Solar Holdings IX B.V. / Jordan PSC | Jordan | Solar power | 2016 | |||
Noksel A.S. | Turkey | Steel pipes | 1992 | |||
Maarifa (Africa Edu Holdings) | Uganda, Zambia | Education | USD | 7,000,000 | 2019 | |
Yalelo Limited | Zambia | Aquaculture | USD | 6,000,000 | 2019 | |
Advans Group | International | Microfinance | EUR | 10,000,000 | 2019 | |
Ecobank Transnational Incorporated | Togo | Bank | USD | 20,000,000 | 2020 | |
ETC Group (Mauritius) | Africa | Agriculture | USD | 15,000,000 | 2020 | |
BOPA Pte. Ltd. | Asia | Microfinance | USD | 5,000,000 | 2020 | |
Australis Aquaculture | Vietnam | Aguaculture | USD | 9,500,000 | 2017 | |
Proximity Finance Microfinance Company Limited | Myanmar | Microfinanci | USD | 4,700,000 | 2020 | |
Softlogic Life Insurance Plc | Sri Lanka | Life Insurance | USD | 7,500,000 | 2020 | |
Interact Climate Change Facility (ICCF) | International | Climate financing | EUR | 15,000,000 | 2020 | |
Vietnam | Agriculture | USD | 5,000,000 | 2020 | ||
AfricInvest Fund IV | Africa | Fund | USD | 20,000,000 | 2020 | |
First National Bank Ghana | Ghana | Bank | USD | 10,000,000 | 2020 | |
Kasha | Rwanda and Kenya | Healthcare | USD | 1,000,000 | 2020 | |
OP Finnfund Global Impact Fund I | International | Fund | EUR | 38,000,000 | 2020 | |
Early Dawn Microfinance Company Ltd | Myanmar | Microfinance | USD | 11,000,000 | 2020 | |
Procarsa, Surpapelcorp | Ecuador | Paper and packaging | USD | 9,000,000 | 2020 |