Norsk Solar AS
Norsk Solar AS
10/05/2021 | Press release | Distributed by Public on 10/04/2021 22:12
Norsk Solar and Órigo Energia sign PPA for the first phase of 37 MW portfolio in Brazil
Stavanger/São Paulo: Norsk Solar AS ("Norsk Solar", OSEBX ticker: NSOL), a vertically integrated, independent solar power producer focused on commercial and industrial (C&I) and utility-scale projects in emerging markets, is signing today a Power Purchase Agreement ("PPA") with Órigo Energia as the power purchaser of the first solar PV power plant within a portfolio of 12 solar projects that will have a total capacity of 37 MW. The initial plant will produce 6MW of clean power. "This is an important step toward achieving Norsk Solar's ambition to be one of the foremost independent solar power providers to customers in the commercial and industrial sectors worldwide. Órigo Energia is a pioneer in the distributed generation sector in Brazil, providing clean energy to more than 20,000 households and businesses. They are a great match for Norsk Solar as we aim to develop more than 100 MW of low-cost, renewable energy over the next six months in Brazil," says Øyvind L. Vesterdal, co-founder and CEO of Norsk Solar. The investment size for the 37 MW portfolio is approximately USD 37 million, with phase one having an investment size of USD 6 million. The investment decision for the next phase is expected to be made once due diligence and all development work is concluded, within the fourth quarter of 2021. Norsk Solar's development and construction partner on the project is GDSolar, a leader in the development of solar energy in Brazil. "The Brazilian corporate and industrial market for solar is in rapid growth. Customers are looking to solar solutions to guard themselves against increases in electricity costs while also meeting their sustainability targets. The fact that we can offer rapid deployment of clean energy with no up-front cost to the customer is a value proposition that resonates greatly with our customers, and we are quickly establishing a strong local brand in the Brazilian market", says Mauro Benedetti, Country Manager for Brazil in Norsk Solar. WILL REDUCE CO2 EMISSION BY 600,000 TONNES The projects will be built in the State of Minas Gerais, and the power will be sold by Órigo Energia to commercial and residential customers over a 25-year plant lease agreement (PPA). Brazil is expected to experience enormous growth within the demand for solar power over the next several years, as it carries out an offensive strategy to shift away from fossil fuels and increase production of renewable energy. Norsk Solar will supply up to 2,000,000 MWh of clean electricity over the lifetime of the plants that are planned as part of the Órigo Energia development agreement. This equates to an offset of approximately 600,000 tonnes in CO2 emissions. ABOUT NORSK SOLAR Norsk Solar is a fast-growing independent solar power producer, with 70 MW in operation or under construction in emerging markets. The company is targeting 2 GW under management in 2025, with a focus on supplying corporate and industrial entities with clean, renewable solar solutions at a low cost. Established in 2017 in Stavanger, Norway, Norsk Solar has more than 25 employees representing 15 nationalities, working in Norway, Ukraine, Nicaragua, South Africa, Brazil, and Vietnam. Read more at www.norsksolar.com Contact: Helga Cotgrove, CFO +47 907 35 246 [email protected] Christine Corkery Steinsholt, Head of Communications +47 950 95 481 [email protected] DISCLOSURE REGULATION This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.