Borenius advised Nordic Development Fund in the investment in a capital investment vehicle providing clean energy access in sub-Saharan Africa

We advised Nordic Development Fund (“NDF”) in its equity investment in Zafiri, a newly established investment vehicle focused on expanding access to electricity and clean cooking for tens of millions of people across sub-Saharan Africa. Zafiri’s founding partners include NDF alongside International Finance Corporation, African Development Bank, The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), FirstRand International Limited, and John D. and Catherine T. MacArthur Foundation. Structured as a permanent capital investment vehicle, Zafiri provides long-term equity to expand clean energy access in underserved markets. The vehicle leverages concessional junior equity to de-risk private sector participation and mobilizes commercial capital into scalable off-grid and decentralized energy solutions. Backed by an initial USD 300 million capitalization by 2026, Zafiri is expected to scale up to USD 1 billion to accelerate energy access in Africa.

The Nordic Development Fund is an international financial institution established by a treaty between Denmark, Finland, Iceland, Norway and Sweden.