Veolia, the ecological transformation firm and Norfund, the Norwegian Investment Fund for Developing Countries, are set to invest up to $54 million into climate change startups solving access to energy and water, whilst managing their environmental impact.
The fund aims to invest in firms that have a strong appetite to lower utilities consumption, secure local energy sources, recycle water and waste, but lack of accessible funding creates a barrier for industrials to develop the right assets and solutions.
According to Philippe Bourdeaux, Delegated Zone Africa, Near & Middle East Director at Veolia: “As a leader in environmental services, Veolia is thrilled to combine its expertise with Norfund’s renowned commitment to invest in sustainable projects that drive development and innovation to green up African industries. As part of our GreenUp strategic program, Veolia will especially target water REUSE and energy saving projects, offering decarbonized solutions like biomass to energy or Zero Liquid Discharge to the industry, on a continent facing water scarcity and a lack of reliable energy.”.
Veolia has unmatched experience providing waste, water, and energy services to the industrial sector globally and a long-term presence in Africa, while Norfund has been operating there for 25 years with a strong local presence and portfolio of investment in manufacturing, renewable energy, and financial institutions. The two partners are ideally positioned to develop, finance, build and operate assets to provide low carbon footprint, optimized water cycle, and sustainable waste management for African industries. They will invest in projects ranging from € 3m to 50m and provide turnkey solutions and performance-based contracts to clients, targeting resource intensive sectors like food and beverage, materials, chemicals, or mining.
Veolia will especially target water REUSE and energy saving projects, offering decarbonized solutions like biomass to energy or Zero Liquid Discharge to the industry.
Ellen Rasmussen, Executive Vice Present for Scalable Enterprises at Norfund strongly supports the partnership: “Norfund is committed to development in Africa, and has a strong focus on supporting industrial development which is crucial to create diversification in the African economies. However, this development cannot happen at the expense of the environment. We are delighted to partner with such a strong player as Veolia to develop waste, water, and energy solutions that will ensure that this sector grows in a sustainable way.”
In 2023, the Veolia group provided 113 million inhabitants with drinking water and 103 million with sanitation, produced 42 million megawatt hours of energy and treated 63 million tonnes of waste.
Norfund is the Norwegian Investment Fund for developing countries. Our mission is to create jobs and to improve lives by investing in businesses that drive sustainable development. Norfund is owned and funded by the Norwegian Government and is the Government’s most important tool for strengthening the private sector in developing countries, and for reducing poverty. Norfund’s committed portfolio totals 3.6 billion USD in Sub-Saharan Africa, South/Southeast Asia, and Latin America.