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This €2 billion plan is designed to support ecological transformation, particularly in the industrial sector. As part of this, the investment platform set up with Norfund should provide integrated solutions (design, construction, operation, and financing) through a one-stop shop, including off-balance sheet financing
The French group Veolia has reached an agreement with the Norwegian Investment Fund for Developing Countries (NORFUND) to set up an investment platform in Africa. This partnership will support the ecological transition in the industrial sector. The new financing and development structure, which is intended to breathe new life into Veolia’s business on the African continent, targets industrial companies. This is part of Veolia’s GreenUp program.
This €2 billion plan is designed to support ecological transformation, particularly in the industrial sector. As part of this, the investment platform set up with Norfund should provide integrated solutions (design, construction, operation, and financing) through a one-stop shop, including off-balance sheet financing, said the joint press release.
Through this initiative, NORFUND and Veolia plan to develop, finance, build and operate assets that reduce the carbon footprint, optimise the water cycle, and ensure sustainable waste management for African industries. The future investment platform will target projects ranging from €3 million to €50 million and will provide turnkey solutions and performance-based contracts to clients, targeting resource-intensive sectors such as food and beverage, materials, chemicals, or mining.
These will mainly be water reuse and energy efficiency projects. Through its partnership with Veolia, NORFUND is further diversifying its activities in Africa. South of the Sahara, the Norwegian investor is active in the highly dynamic renewable energy sector, particularly in large-scale solar energy, solar home systems, and the productive use of energy through various mechanisms.
In recent years, NORFUND has announced investments in the industrial sector, including low-carbon cement in Ghana, and even sustainable forestry. To this date, its asset portfolio is valued at USD 3.6 billion in sub-Saharan Africa, South and Southeast Asia, and Latin America.
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Veolia Group aims to be the benchmark company for ecological transformation. In 2023, with nearly218,000 employees worldwide, the Group designs and provides game-changing solutions that are both useful and practical for water, waste, and energy management. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and replenish them. In 2023, the Veolia group served 113 million people with drinking water and 103 million with wastewater services, produced 42 terawatt-hours of energy, and recovered 63 million metric tons of waste.
