Environmental project factory - Nefco

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Enriched Nordic · Found: 2026-03-11 08:07

We are financing environmental projects on six continents. We only finance projects that have a positive outcome for the environment or climate.

Source: https://www.nefco.int/projects/

Funding Details

Funder: Nefco (Nordic Environment Finance Corporation)
Funding Goal: Finance environmental and climate projects globally, with focus on Nordic SMEs, Eastern European municipalities, and special thematic funds including Baltic Sea and Africa programs.
Funding Amount: Nopef feasibility studies: up to EUR 50,000 (conditional loan convertible to grant). SME loans: typically EUR 2-5 million, larger amounts possible. Total disbursed in 2025: EUR 77.9 million across portfolio. (50.000 € – 5.000.000 €)
Deadline: Rolling applications; Nopef next deadline March 27, 2026 (Rolling)
How to Apply: Six-stage investment cycle: (1) Initial contact with Nefco experts, (2) Submission of detailed financing proposal and business plan, (3) Pipeline review with financial and environmental analysis and compliance due diligence, (4) Investment Committee and Board clearance with Term Sheet preparation, (5) Final board authorization, loan agreement signing and fund disbursement, (6) Ongoing monitoring of environmental and financial performance. For Nopef feasibility studies, applications are accepted continuously via Nopef.com/apply.
Target Region: Nordic countries, Eastern Europe (Ukraine, Georgia, Moldova, Armenia), Sub-Saharan Africa, Baltic Sea region, global
Contact: Nefco, Helsinki, Finland. Phone: +358 10 618 003. Email: info@nefco.int. Website contact form: nefco.int/contact/
Last Checked: 2026-03-12 06:17

Application Checklist

Eligibility

Applicant must be a Nordic SME (registered in Denmark, Finland, Iceland, Norway, or Sweden) for core loan financing
Company must have fewer than 250 employees and less than EUR 50 million turnover (for Nopef feasibility studies)
Project must demonstrate verifiable positive environmental or climate impact

Project Scope

For Nopef: project must concern markets outside EU/EFTA and involve commercialized (not R&D stage) technologies
Financed sectors include circular economy, energy efficiency, water/ocean solutions, e-mobility, agriculture/forestry

Required Documents

Submit detailed financing proposal and business plan through Nefco's six-stage investment cycle

Constraints

Projects must align with EU Taxonomy criteria and Nefco's environmental and sustainability standards

Summary

Nefco is the Nordic Green Bank — an international financial institution owned by the Nordic countries (Denmark, Finland, Iceland, Norway, Sweden). Since 1990, it has financed over 1,800 green projects across six continents, with 324 ongoing investments at the end of 2025 and EUR 77.9 million disbursed that year. Nefco's mandate is to accelerate the green transition by financing projects that deliver positive environmental or climate impacts, operating under a "Return on Impact" philosophy rather than purely commercial returns. Nefco offers several financing streams: direct loans to Nordic SMEs (typically EUR 2–5 million), blended finance combining loans and grants for Eastern European public-sector projects, feasibility study support through the Nopef program (conditional loans up to EUR 50,000 convertible to grants), results-based financing for clean energy in Africa, and grant programs including the Baltic Sea Action Plan Fund and Green Recovery for Ukraine. The primary target group is Nordic small and medium-sized enterprises with commercialized green technologies seeking to scale internationally. Projects must demonstrate environmental sustainability aligned with EU Taxonomy criteria and Nefco's own standards. Financed sectors include circular economy, energy efficiency, agriculture/forestry, manufacturing, e-mobility, and water/ocean solutions. The application process involves a six-stage investment cycle from initial contact through board approval and ongoing monitoring. While Nefco's special funds — particularly the Baltic Sea Action Plan Fund — touch on marine environment themes, the institution's core financing is designed for Nordic companies, not for NGOs or non-profit organizations directly. The special funds and grant programs may offer opportunities for broader applicant types, but detailed eligibility for those was not available on the current website.

Historical Context

Nefco has been operating since 1990, financing over 1,800 green projects. As of end 2025, they had 324 ongoing investments. 80% of investments meet EU Taxonomy eligibility criteria. The institution is one of three Nordic international financial institutions.

Sources

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