Investment decision approved for Norsk Solar 18 MW solar PV project in Brazil

Investment decision approved for Norsk Solar 18 MW solar PV project in Brazil

28 Jul 2022 12:50 CEST

- Stavanger/São Paulo: Norsk Solar ("Norsk Solar", OSEBX ticker: NSOL) announced
today that the Board of Directors of Nordic Impact Cooperation AS ("NIC"), an
investment company jointly owned by Norsk Solar, Norfund and Finnfund, has made
a positive investment decision for the construction of six solar PV plants with
a capacity of 18 MW in Brazil.

The plants are part of the previously announced 37 MW development agreement
signed with corporate offtaker Órigo Energia, a renewable energy pioneer in
Brazil whose shareholders include TPG ART, Mitsui and the Brazilian impact
investment fund manager MOV. Long-term power purchase agreements with 25-year
tenor are signed for 24 of the 37 MW in the development agreement.

"Norsk Solar is pleased with today's investment decision, and we are eager to
move forward with construction of the first power plants in the Órigo Energia
development agreement along with our partners. There is no time to waste in
meeting Brazil's soaring energy demand with reliable, affordable clean power,"
said Øyvind L. Vesterdal, CEO in Norsk Solar.

First investment for Nordic Impact Cooperation in Brazil

The investment in the 18 MW Norsk Solar project is the second investment made by
Nordic Impact Cooperation (NIC) since its establishment, and its first
investment in Brazil. NIC is an investment company with EUR 19 million earmarked
for investments in Norsk Solar-developed projects within the C&I segment and
other related projects in high-growth markets. Norfund, the Norwegian Investment
Fund for Developing Countries, recently joined Finnfund and Norsk Solar as a
partner in NIC.

Notice to proceed to construction

Following the positive investment decision, the Board of Directors in Norsk
Solar issued a notice to proceed to the construction phase together with
development and construction partner GDSolar, a leader in the development of
solar energy in Brazil. The total CAPEX is equal to USD 21.2 million.

This information is subject to the disclosure requirements pursuant to Section 5
-12 of the Norwegian Securities Trading Act.

For investors and analysts:

Sindre Stovner, Interim CFO, Norsk Solar
+47 917 86 431
[email protected]

For media:

Christine Corkery Steinsholt, Head of Communications, Norsk Solar
+47 950 95 481
[email protected]

About Norsk Solar
Norsk Solar delivers the power to build a better world. We provide clean,
renewable solar solutions to corporate and industrial (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.

Norsk Solar is an independent solar power producer with over 100 MW in operation
or under development in high-growth 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, South Africa, Brazil, and Vietnam. Read more at www.norsksolar.com.

About Nordic Impact Cooperation

The Investment Company is named «Nordic Impact Cooperation AS». The capital
contribution amounts to investments of EUR 19 million, with the opportunity to
scale further. The funds are exclusively earmarked for Norsk Solar-developed
projects within the C&I segment and other related projects across developing
markets. Nordic Impact Cooperation has extensive requirements on environmental
and social aspects with great focus on the UN Sustainability Goals.

More information:
Access the news on Oslo Bors NewsWeb site

567604_Investment_decision_for_Norsk_Solar_18_MW_in_Brazil.pdf

Source

Norsk Solar AS

Provider

Oslo Børs Newspoint