1. Infrastructure for Development Investing in Clean Energy

2. Rationale for Clean Energy Investments Private sector is dependent on electricity. Power shortages are a bottleneck to economic growth. Countries have untapped clean energy resources. Private sector can bring technical competence as well as capital to the sector. Development Rationale Capital requirements for power are large, and beyond the public sector. Estimated annual capital requirement of 40 BUSD in Africa. Renewable energy in particular is capital intensive. Investment Needs

3. Partnership with Scatec Solar 200 MWp built in South Africa & Rwanda 3 Activities to date Declining costsPotential future pipeline  Scatec Solar & Norfund participated in South Africa’s renewable energy programme & have three projects  Scatec Solar & Norfund have built the first East African utility scale solar park in Rwanda  Projects’ total capital costs are ca 560 MUSD  Scatec Solar & Norfund have agreed a new partnership  Scope includes  Project development  Joint investment  Focus on Africa  Scatec Solar & Norfund have bid 270 MWp of new projects in South Africa & Uganda  Other projects in pipeline in Namibia, Botswana, Ghana, Kenya Formalising the partnership  The cost of solar has been dropping dramatically  South Africa has experienced a price reduction of ca 70% over three years  Time to operation is extremely short & risks are lower than with wind and hydro

4. Clean Energy Strategy Large hydro: SN Power & Agua Imara w Statkraft & BKK Solar: Partnership with Scatec Solar. Industrial partners with experience and local partners with presence and local knowledge Partners Proven technologies To date: Hydro, wind, solar May invest in geothermal and gas in future Technology Main focus on equity Mezzanine Debt & guarantees Instruments Focus on Southern and Eastern Africa; Central America Can provide debt in broader geography Geography

5. NOK 4,8 billion committed Existing Clean Energy Portfolio Norfund and SN PowerStatkraft International Hydro Biogas Wind Solar Small hydro Portfolio Hydro

6. Developmental Effects of Clean Energy Portfolio Norfund and SN Power Statkraft International Hydro Taxes : NOK 1,6 billion Avoided Greenhouse gasses : 1.1 million tonnes CO2 $$$ Corresponding connections : 8.9 million people Energy production 2013 : 6 781 GWh

7. Highlights 2013 - 2014 SUMMARY Growth in solar & wind – extending partnerships in hydropower HIGHLIGHTS SN Power restructuring implemented Extending the partnership with Statkraft & BKK Prioritisation of Norfund capital & resources to focus regions Portfolio of ca 200 MW solar Kalkbult fully operational Linde fully operational Dreunberg being commissioned now First utility scale solar in Rwanda First wind investments Financial close of Kinangop – first large scale wind farm in East Africa Equity commitment to Lake Turkana Wind Park – largest wind park in SS Africa Mezzanine loan to San Antonio wind project in Guatemala

8. Key Next Steps Support SN Power’s growth in targeted regions Explore opportunities for small hydro portfolio Hydro Expand the partnership with Scatec Solar in Norfund geographies Solar Establish new industrial partnerships to expand wind power projects in Africa and Central America Wind Explore ways in which gas-fired power can benefit local economies Gas

9. Lake Turkana Wind Project Largest single wind farm in Sub-Saharan Africa 9 Lake Turkana Wind ParkLocation: Lake Turkana, Kenya Norfund’s participationTimeline  Lake Turkana Wind Power (LTWP) is a planned wind park of 310 MW  The wind park will contribute with approx. 20% of Kenya’s current total installed power  Unique wind resource  Vestas turbine supply & installation contract  Equity investment w KLP: Amount: Approx. €22 million (w KLP) + €1,3 million guarantee % of Equity: 12.5% stake Q1 2017 Full 300 MW in operation Q1 2016 50 – 90 MW in operation Q3 2014 Construction phase (32 months)Development Construction starts Operations 20 years PPA

10. Lunsemfwa Hydro Power Company First private power plant in Zambia 10 BackgroundThe Mulungushi Power Plant Norfund’s participationExpansion possibility: Muchinga Power Company  In 2011 Agua Imara acquired 51% of LHPC  LHPC currently owns two hydropower plants, Mulungushi and Lunsemfwa, with a combined capacity of 56 MW  LHPC is the only private member of the Southern African Power Pool (SAPP)  Expansion & replacement options are currently being explored  Norfund owned direct and indirect stakes in Agua Imara at the time of the acquisition  Norfund now has an indirect stake via SN Power  Effectively a 17% stake in LHPC  LHPC fully owns the Muchinga Power Company,  With a license to develop a new hydropower plant with a potential capacity of 250-300 MW.  The new plant will be located downstream of the existing Lunsemfwa plant.