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

We advised Nordic Development Fund (“NDF”) in connection with its equity investment in Zafiri, a newly established investment vehicle focused on expanding access to electricity and clean cooking solutions for tens of millions of people across sub-Saharan Africa.

Zafiri’s founding partners include NDF alongside the International Finance Corporation, the African Development Bank, The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), FirstRand International Limited, and the John D. and Catherine T. MacArthur Foundation. Structured as a permanent capital vehicle, Zafiri provides long-term equity capital to expand clean energy access in underserved markets. The vehicle utilises concessional junior equity to de-risk private sector participation and mobilises commercial capital into scalable off-grid and decentralised energy solutions. Backed by an initial capitalisation of USD 300 million by 2026, Zafiri aims to scale to USD 1 billion in order to accelerate energy access across Africa.

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