NEFCO Nopef Financing for Feasibility Studies

Enriched Nordic · Found: 2026-03-11 10:48

NEFCO provides financial support for feasibility studies to help Nordic SMEs internationalize green solutions, including circular economy and waste management technologies. Recurring application deadlines.

Source: https://nefco.int/financing-options/financing-for-companies

Funding Details

Funder

NEFCO / Nopef (Nordic Environment Finance Corporation)

Funding Goal

Support Nordic SMEs in internationalizing proven green solutions through feasibility study financing and loan capital, accelerating the global green transition.

Funding Amount

Not specified on this page; feasibility study grants typically partial cost coverage. Loan size exemplified by EUR 1.3M (WasteHero) and EUR 7M (Norwegian Hydrogen) deals.

Deadline

Rolling — multiple deadlines per year (most recent listed: 27 March) (Rolling)

How to Apply

Submit contact request via NEFCO website or contact Vice President Origination directly. Nopef has recurring application deadlines (multiple per year). Investment proposals are assessed against NEFCO's investment criteria and cycle.

Target Region

Nordic countries (Denmark, Finland, Iceland, Norway, Sweden); solutions scaled globally

Contact

Mikael Reims, Vice President Origination: +358 10 6180 670, mikael.reims@nefco.int | Thor Thorsteinsson, Vice President Nordic SMEs: +358 10 6180 657, thor.thorsteinsson@nefco.int | General: info@nefco.int, Tel: +358 10 618 003 | Address: Fabianinkatu 34, P.O. Box 241, FI-00171 Helsinki, Finland

Last Checked

2026-03-11 16:19

Application Checklist

Eligibility

• Applicant must be a small or medium-sized enterprise (SME) registered in a Nordic country (Denmark, Finland, Iceland, Norway, Sweden)
• Solution must deliver demonstrated positive environmental or climate impact

Project Scope

• For Nopef: project must relate to internationalization — entering or expanding into new foreign markets
• For Nopef: costs must be for feasibility studies or preparatory business activities (market studies, business planning)
• For loans: investment must be aimed at scaling proven green solution globally

Required Documents

• Submit application before a recurring Nopef deadline (check nopef.com for current deadline)

Constraints

• NGOs, public bodies, and non-profit membership organizations are NOT eligible — program is exclusively for private SMEs
• Loan financing is provided on market terms — not a grant; repayment required

Summary

NEFCO, the Nordic Green Bank, offers two main financing instruments for Nordic small and medium-sized enterprises (SMEs): (1) Nopef financial support for feasibility studies to facilitate internationalization, and (2) loan financing on market terms for scale-up investments abroad. The program is targeted exclusively at Nordic companies — not NGOs or non-profits — that have proven environmental or climate solutions ready for international expansion. The Nopef feasibility study support covers costs for preparatory business activities such as market studies, business planning, and other groundwork required to enter new international markets. The loan financing is provided on market terms, with additional EIF (European Investment Fund) guarantees available to make financing more accessible for eligible SMEs. Relevant green sectors include circular economy, waste management, renewable energy, ballast water treatment, and environmental reporting — as evidenced by NEFCO's portfolio. In 2025, NEFCO had 69 active investments and 24 feasibility studies via Nopef that led to international businesses. Application deadlines for Nopef feasibility funding are recurring (multiple per year). The program is strictly for Nordic companies (Denmark, Finland, Iceland, Norway, Sweden) and is not open to NGOs, membership organizations, or public bodies. This fundamentally limits relevance for non-profit organizations regardless of thematic fit.

Historical Context

NEFCO has been active since 1990 as a pioneer in impact investing. In 2025: 69 active investments, 24 Nopef feasibility studies led to international businesses, 8,715 tonnes of waste recycled, 679 GWh of renewable energy produced. Total active portfolio across all programs: 324 projects worth EUR 560M+.

Why it was added

Nordic CE/plastic program for OPF

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