Comment
Green Resources started under the name Fjordgløtt in 1995, and was later renamed Tree Farms, before adopting its current name in 2007.
The company received loan funding from IFC and FMO which had to be repaid at the end of 2018. This resulted in financial challenges and additional loan financing from NorFund and FinnFund.
Green Resources’ major shareholders include investment firms such as Phaunos Timber Fund (27%) (the company has since divested its shares), New Africa (19%), Steinerud (8%), Macama (7%), SBL Direct Investments Ltd (6%), Verbena Investment Ltd (5%), and TRG (5%). (not sure if this is still the case). Other financiers include the World Bank’s International Finance Corporation, the Norwegian Investment Fund for Developing Countries (Norfund), which has provided $7million in loans to Green Resources, as well as an additional $25million in collaboration with the Finnish Development Finance Institution (Finnfund). Green Resources is reportedly the largest plantation forestry, carbon offset, forest products, and renewable energy company (outside South Africa) operating on the African continent.