Norfund Invests in Urban Resilience Fund for African Cities
Deal News | Dec 27, 2024 | Norfund
Norfund, a private equity firm, is channeling NOK 235 million into The Urban Resilience Fund (TURF B), managed by infrastructure experts Meridiam. This fund focuses on the development of sustainable urban infrastructure in rapidly expanding African cities, tackling the challenges posed by increased urban migration and climate change. Through investments in public transport, renewable energy systems, and waste management, TURF B aims to foster economic growth and sustainable urban environments. The fund is already active in Mauritania, working alongside the local government on comprehensive projects to reinforce infrastructure against climate-related challenges. Norfund's engagement in TURF B aligns with their strategic emphasis on green infrastructure solutions, a priority since 2020. Despite challenges in finding suitable investments in Africa's water and waste management sectors, Norfund remains committed, collaborating with global environmental company Veolia to pioneer sustainable industrial practices on the continent.
Sectors
- Sustainable Infrastructure
- Private Equity
Geography
- Africa – The primary focus of the investment is on sustainable urban infrastructure development in African cities.
- Norway – Norfund, the investing entity, is based in Norway.
- Mauritania – The article highlights specific projects in Mauritania aiming to combat climate change impacts and develop urban infrastructure.
Industry
- Sustainable Infrastructure – The article discusses investments in sustainable urban infrastructure projects, focusing on public transport, renewable energy, and waste management systems.
- Private Equity – Norfund's role as a private equity firm investing in infrastructure funds and projects dedicated to sustainable development is central to the article.
Financials
- NOK 235 million – The amount invested by Norfund in The Urban Resilience Fund (TURF B).
- USD 22 billion – The total amount managed globally by Meridiam across twelve funds.
- 60 million – The project cost in Mauritania for infrastructure development and climate change mitigation.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Norfund | Investor | Company | A private equity firm specializing in developing sustainable infrastructure projects globally. |
| Meridiam | Fund Manager | Company | An infrastructure expert managing The Urban Resilience Fund (TURF B), focusing on sustainability projects. |
| TURF B | Target Fund | Company | The Urban Resilience Fund focusing on urban infrastructure development in African cities. |
| Veolia | Collaborator | Company | A global environmental company partnering with Norfund to develop a platform for sustainable water, energy, and waste management solutions. |
| Mauritania Government | Collaborating Government | Government | Collaborating with Meridiam on projects to protect Nouakchott from climate change effects. |