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    HomeEcosystem NewsVenture Capital & Funding SourcesNorfund and Veolia to Invest Up to $50 Million in African Climate-Tech...

    Norfund and Veolia to Invest Up to $50 Million in African Climate-Tech Solutions

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     In a landmark partnership aimed at fostering sustainable industrial growth in Africa, Norfund, the Norwegian Investment Fund for developing countries, and Veolia, the French global environmental services giant, have announced a joint development and financing platform.

    The initiative aims to address critical challenges faced by African industries, including unreliable access to clean energy and water, while minimizing environmental impact. This will be achieved through the development and implementation of sustainable solutions in the areas of water, energy, and waste management.

    “Across the continent, African industry faces a significant need for reliable and affordable access to energy and water, without exacerbating their environmental footprint,” said Ellen Rasmussen, Executive Vice President for Scalable Enterprises at Norfund. “We are excited to partner with Veolia to develop solutions that tackle these challenges head-on.”

    Veolia, a global leader in water, waste, and energy management, employs over 218,000 people across five continents. The company’s track record includes providing drinking water to 113 million people, sanitation services to 103 million, and treating 63 million tons of waste in the last year alone. Veolia’s extensive experience in Africa, combined with Norfund’s commitment to sustainable development, makes this partnership a potent force for positive change.

    The Norwegian Minister of International Development, Anne Beathe Tvinnereim, emphasized the importance of this collaboration, stating, “This type of partnership, which leverages industrial expertise and private capital, is crucial for creating sustainable jobs and enabling African countries to overcome poverty while addressing climate change, pollution, and water scarcity.”

    The platform plans to invest between €3 million and €50 million in projects ranging from low-carbon energy solutions and optimized water cycles to sustainable waste management. The focus will be on offering turnkey solutions through performance-based contracts, particularly to resource-intensive sectors such as food and beverage, materials, chemicals, and mining.

    Philippe Bourdeaux, Veolia’s Delegated Zone Director for Africa, Near & Middle East, expressed enthusiasm for the partnership, stating, “Veolia is thrilled to combine its expertise with Norfund’s commitment to investing in sustainable projects that drive development and innovation to green up African industries.” He highlighted Veolia’s focus on REUSE and energy-saving projects, offering decarbonized solutions such as biomass to energy and Zero Liquid Discharge to industries grappling with water scarcity and unreliable energy sources.

    This strategic alliance between Norfund and Veolia marks a significant step towards a greener and more sustainable future for African industries, promising to unlock new opportunities for economic growth while safeguarding the environment.

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