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about its strategic roadmap from 2022 and onwards.
Company Update
Norsk Solar aims to be the leading IPP supplying cost-efficient energy to
corporate offtakers in high-growth emerging markets. Over the past twelve
months, the company has achieved several important milestones:
· Achieved commercial operations for the 11 MW rooftop solar plant project in
Vietnam with corporate offtaker Central Retail,
· Established joint investment platform with Finnfund, an impact investor
majority owned by the Finnish State. The JV, Nordic Impact Cooperation, has
completed its first investment in Norsk Solar’s portfolio in Vietnam,
· Secured first investment from Norfund, the Norwegian Investment Fund for
Developing Countries, in the Vietnam portfolio and established intention to
partner in future projects.
· Substantially matured the 37 MW portfolio of projects in Brazil and signed
power purchase agreements (“PPAs”) for 24 MW of the development agreement with
offtaker Órigo Energia,
· Set up operating entities and hired Country Managers to lead growth in
Brazil and South Africa, and
· Onboarded key employees to prepare for further scaling and growth.
Executing on Growth Strategy
Completion of the projects in Brazil form the basis to establishing Norsk Solar
a leading power provider for corporate energy buyers. The PPA signee and
offtaker, Órigo Energia, is backed by Mitsui & Co, TPG Capital and MOV
Investimentos. Financial close for the first and second phase of the total 37 MW
portfolio of projects is expected to take place during the second half of 2022,
with a total capex size of approximately NOK 400 million. Furthermore, Norsk
Solar is on track to reach its goal of an additional 196 MW in project
investment decisions by the end of 2022, a major milestone that will place the
company in a strong position to reach further growth targets in the future.
Norsk Solar has mandated Clarksons Platou Securities AS to assess and advise on
potential financing alternatives.
Commenting on the announcement, Øyvind L. Vesterdal, CEO of Norsk Solar, said:
“Norsk Solar is making significant strides toward realizing our ambition of
becoming a leading solar solutions partner for C&I entities in high-growth
emerging markets. We have successfully completed our rooftop project in Vietnam,
despite challenging conditions caused by the global pandemic, and have built a
robust team and financing platform that will allow us to efficiently deploy new
projects. Norsk Solar is prepared to scale and meet the rapidly growing demand
for clean energy in our target markets.”
Commenting on the announcement, Pål S. Valseth, Chairman of Norsk Solar, said:
“I am excited about Norsk Solar’s development as we enter the next phase of
growth. We are on track toward achieving our strategic objectives and fully
committed to supporting sustainable growth in emerging markets while providing
significant value to investors.”
The updated company presentation is available at https://norsksolar.com/investor
-relations/
Investor Relations:
Helga Cotgrove,
CFO, Norsk Solar
+47 907 35 246
hc@norsksolar.com
Media:
Christine Corkery Steinsholt
Head of Communications, Norsk Solar
+47 950 95 481
christine@norsksolar.com
About Norsk Solar
Norsk Solar delivers the power to build a better world. We provide clean,
renewable solar solutions to C&I entities in emerging markets. Our high-quality
solar PV solutions produce cost-efficient and reliable electricity, helping
companies meet their sustainability targets by cutting carbon emissions.
With projects in operation or preparing for construction equalling more than 107
MW, Norsk Solar is growing rapidly as an independent solar power producer in
emerging markets, targeting 2 GW under management in 2025.
The company was established in 2017 in Stavanger, Norway, and today has more
than 30 employees representing 15 nationalities. Norsk Solar has a presence in
Norway, Pakistan, South Africa, Brazil, Ukraine and Vietnam. Read more at
www.norsksolar.com.
Important information
This release is not for publication or distribution, directly or indirectly, in
or into Australia, Canada, Japan, the United States or any other jurisdictions
where it would be illegal. It is issued for information purposes only and does
not constitute or form part of any offer or solicitation to purchase or
subscribe for securities, either in the United States or in any other
jurisdiction. The securities referred to herein have not been, and will not be,
registered under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”), and may not be offered or sold in the United States absent
registration or pursuant to an exemption from registration under the U.S.
Securities Act. Copies of this publication are not being, and may not be,
distributed or sent into Australia, Canada, Japan or the United States.
This information is subject to a duty of disclosure pursuant to Section 5-12 of
the Norwegian Securities Trading Act. This information was issued as inside
information pursuant to the EU Market Abuse Regulation.
Kilde
